Spiro secures $50m Afreximbank debt facility to fuel sustainable transport growth

Business a.m. 

Spiro, the largest electric vehicle company in Africa, is charging ahead in its mission to revolutionise sustainable transportation across the continent and it recently signed a heads of terms agreement for a $50 million debt facility with the African Export-Import Bank (Afreximbank) at the Africa CEO Forum in Kigali, Rwanda.

A statement made available to Business a.m. said the landmark agreement, signed by Kaushik Burman, chief executive officer of Spiro, and Kanayo Awani, Afreximbank’s executive vice president, reflects the shared commitment to promoting environmentally friendly mobility solutions in Africa.

Spiro is regarded as the largest electric vehicle company in Africa,  and boasts an impressive track record in sustainable transportation. It has over 14,000 bikes and more than nine million battery swaps across five countries, and stated that it is revolutionising urban mobility and reducing environmental impact.

Spiro stated that its mission is to create an integrated EV ecosystem in Africa, fostering partnerships and establishing a diverse range of charging infrastructure. From battery swapping to direct charging, the company aims to make sustainable transportation accessible to all, addressing the unique challenges faced by the continent.

Afreximbank is renowned for its role in diversifying and expanding African trade and has been pivotal in fostering economic development across the continent. 

In supporting Spiro, the bank not only spotlights the potential of green technologies in Africa but also aligns with its broader strategy to promote environmental sustainability and economic resilience.

The $50 million debt facility will allow Spiro to expand its network of automated swap stations, introducing new electric bike models and enhancing the accessibility and convenience of green mobility solutions.

Burman, Spiro’s CEO, described the partnership with Afreximbank as a pivotal development, adding, “The $50 million debt facility will significantly enhance our operational capabilities and help us expand our footprint to more African countries. It’s a testament to the confidence in our business model and our contribution to sustainable development in Africa.”

Kanayo Awani, executive vice president, intra-African trade and export development, Afreximbank, expressed enthusiasm about the partnership, noting that it reaffirms the company’s commitment towards fostering sustainable innovation and green technologies in Africa. 

“We are happy to support Spiro through this facility which will in turn accelerate the adoption of electric vehicles and enhance transportation across Africa. This collaboration reaffirms our belief in the power of innovation to create a better world for future generations,” Awani stated.

Anish Jain, group chief executive officer, Equitane, also expressed his support for the new venture, stating that the partnership with Afreximbank marks a significant milestone in Spiro’s journey. 

“As part of the Equitane Group, Spiro embodies our commitment to pioneering solutions that promote sustainability and economic growth. We are proud to see Spiro take this remarkable step forward, paving the way for a cleaner, more sustainable future in African transportation,” Jain added.