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Afreximbank fuels Spiro’s e-mobility drive with $50 million

By , Senior contributor
Rwanda , 21 May 2024
Afreximbank is investing $50m into Spiro’s Africa e-mobility drive.
Afreximbank is investing $50m into Spiro’s Africa e-mobility drive.

The Africa e-mobility revolution drive has received a $50 million boost to accelerate sustainable transportation on the continent and the journey to a greener future.

Spiro, one of the largest electric vehicle company in Africa, signed the landmark multi-million dollar debt facility agreement with the African Export-Import Bank (Afreximbank) in Kigali, Rwanda at the just ended Africa CEO Forum.

Spiro CEO, Kaushik Burman, and Afreximbank Executive Vice President Kanayo Awani signed the climate resilient transport agreement which is aimed at fueling sustainable development in Africa. 

The funds will be invested in further expanding Spiro's network of automated swap stations and to introduce new electric bike models, enhancing the accessibility and convenience of green mobility solutions.

Last August, Spiro also announced a $63 million debt funding round with Societe Generale, in a deal designed to expand the company’s footprint in Benin and Togo. 

With the new deal, Rwanda has joined other African countries in the race to carve out a share in the rapidly growing electric vehicle sector, which is expected to reach $21.39 billion by 2027, up from $11.94 billion in 2021.

The East African country last year signed a partnership with Kenya’s BasiGo and AC mobility to roll out electric buses in Kigali. 

This, as the government is planning to rapidly scale up Kigali’s public transport fleet, while aiming to convert 20% of the public bus fleet to be electric, by 2030.

Burman and Awani hailed the latest deal as a game changer in the e-mobility revolution that is also creating waves in Tanzania, Benin, Nigeria, Uganda, Togo, Morocco, Egypt and Kenya.

"This partnership with Afreximbank is a pivotal development for 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," said Burman.

Spiro is one of the largest electric vehicle company in Africa, with over 14,000 bikes, over 9 million swaps in five countries.

Operating across multiple African nations, Spiro says it is seeking to reduce environmental impact and enhance urban mobility, build an integrated EV ecosystem in Africa with a multitude of partners and establish a wide range of charging infrastructure which include battery swapping and direct charging.

Awani  commented: "This partnership affirms our commitment to fostering sustainable innovation and green technologies in Africa. This collaboration reaffirms our belief in the power of innovation to create a better world for future generations."

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