A $50 million loan from Afreximbank to finance Spiro’s expansion in Africa

A $50 million loan from Afreximbank to finance Spiro’s expansion in Africa
A $50 million loan from Afreximbank to finance Spiro’s expansion in Africa

(Ecofin Agency) – The company committed to sustainable mobility has expanded its fleet of electric motorcycles and its batteries and exchange stations to Benin and Togo, via a $63 million loan granted in 2023 by Société Générale and GuarantCo.

The provider of electric two-wheeled vehicles and sustainable mobility solutions, Spiro, entered into a $50 million loan agreement with the African Export-Import Bank (Afreximbank) on Friday, May 17, 2024.

This credit facility “will enhance Spiro’s operational capabilities and help it expand its footprint to more African countries,” explained Kaushik Burman, CEO of Spiro, without mentioning the countries targeted by this expansion project.

The manufacturer will introduce new models of electric bikes on the continent, while expanding its network of stations and battery exchanges. The initiative is expected to accelerate the adoption of electric vehicles and improve the accessibility of sustainable mobility solutions in Africa.

As a reminder, Spiro has expanded its fleet of electric motorcycles as well as its associated batteries and exchange stations in Benin and Togo. This development was financed by a $63 million loan granted in August 2023 by Société Générale and GuarantCo.

In sub-Saharan Africa, the market for electric bicycles and motorcycles will represent, by 2040, at least 50% to 70% of all sales in the two-wheel sector, according to forecasts from data provider Electricity Lawyer.

Chamberline Moko

Also read:

Motorized two-wheeler market: electric should represent 50 to 70% of sales in Africa by 2040 (report)

Spiro announces partnership with Petrocity to accelerate electric vehicle charging in Africa

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