Spiro, Africa’s largest electric vehicle (EV) company has announced the signing of heads of terms for a significant $50 million debt facility with the African Export-Import Bank (Afreximbank). This landmark agreement was formalised in Kigali during the Africa CEO Forum, showcasing Spiro’s commitment to advancing sustainable transportation across the continent. The signing ceremony featured Spiro’s CEO, Kaushik Burman, and Madame Kanayo Awani, Executive Vice President of Afreximbank.

Spiro operates over 14,000 electric bikes and has conducted more than 9 million battery swaps across five countries, solidifying its position as Africa’s largest EV company. The company’s mission is to reduce environmental impact, enhance urban mobility, and build an integrated EV ecosystem in Africa. This includes establishing a comprehensive charging infrastructure, featuring both battery swapping and direct charging stations.

Afreximbank, renowned for its role in promoting the consistent expansion and diversification of African trade, has been pivotal in fostering economic development across the continent. The bank’s support for Spiro underscores the potential of green technologies in Africa and aligns with its broader strategy to facilitate environmental sustainability and economic resilience.

Kaushik Burman, CEO of Spiro

“This partnership with Afreximbank is a pivotal development for Spiro,”

stated Kaushik Burman, CEO of Spiro.

“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.”

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Kanayo Awani, Executive Vice President of Intra-African Trade at Afreximbank, expressed enthusiasm about the partnership:

“This partnership affirms our commitment to fostering sustainable innovation and green technologies in Africa. The future of transportation lies in the use of electric vehicles, and as demand for clean energy solutions soars, support for companies like Spiro is crucial for accelerating the adoption of electric vehicles and reducing carbon emissions. This collaboration not only aligns with our values of sustainability and responsible banking but also reaffirms our belief in the power of innovation to create a better world for future generations.”

Spiro plans to utilise the funds to expand its network of automated swap stations, introduce new electric bike models, and enhance the accessibility and convenience of green mobility solutions. The collaboration with Afreximbank marks a significant milestone in Spiro’s journey towards a greener future.

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Equitane, a dynamic conglomerate deeply invested in fostering progress across various sectors in Africa, backs Spiro. Equitane focuses on identifying opportunities and transforming them into impactful projects, ranging from infrastructure and renewable energy to healthcare and sustainable mining.

Anish Jain, Group CEO of Equitane, expressed his support for this new venture:

“This 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.”

Last August, Spiro announced a $63 million debt funding round with Societe Generale, aimed at expanding the company’s footprint in Benin and Togo.