The popular e-mobility company that you know in Africa, Spiro, has secured $50 million in debt financing to expand its EV operations on the continent. The $50 million investment is funded by the African Export-Import Bank (Afreximbank), U.S.-based climate fintech Nithio, and the Africa Go Green Fund.
Spiro plans to channel all the funds into refining its “energy network” across markets it's already operating in. Markets in Nigeria, Kenya, and Rwanda. Notably, the company has already established a significant presence in these markets, with more than 80,000 electric motorcycles currently in operation.
The fund will also support the company's tech stack, like automated battery swaps, enhanced fast-charging capabilities, and the integration of renewable energy sources. Over 30 million battery swaps have been completed so far, and upwards of 2,500 swap stations have been installed across the continent.
Since 2022, the company has secured a total of $230 million in funding, and this latest capital injection is set to accelerate the growth and scale of these achievements even further. The company CEO, Kaushik Burman, said that the fund will reinforce Spiro's vision of building a robust, scalable energy network for “Africa by Africans".
