Spiro secures $63m debt financing to propel electric motorcycle expansion in Africa
In a strategic move to accelerate its ambitious electric vehicle (EV) expansion across Africa, Spiro, the renowned EV company, is set to finalize a groundbreaking $63 million debt financing agreement this week. The financing deal will be inked with the esteemed French bank Société Générale and the reputable London-based financier GuarantCo.
With approximately 9,400 motorcycles already operating in Benin, Togo, and Rwanda, Spiro aims to leverage the newly raised funds to import additional bikes and batteries from its China-based EV manufacturer Horwin. Moreover, the secured financing will be directed towards funding the establishment of two state-of-the-art electric motorcycle assembly and battery manufacturing plants in Benin and Togo, scheduled to commence operations in 2024.
Having garnered $65 million in equity from investors, including the Africa Transformation and Industrialization Fund, Spiro is keen on capitalizing on the momentum to further its vision of deploying over 140,000 EV bikes in Uganda over the next five years.
This latest debt financing agreement represents a significant milestone for Spiro as it strengthens its position as a pioneering force in the African EV market. The partnership with Société Générale and GuarantCo underscores the growing interest and confidence of international financial institutions in Africa’s burgeoning EV industry.
With a clear focus on sustainability and innovation, Spiro is poised to reshape urban mobility in Africa, while the successful fundraising efforts signal a promising path towards a greener and electric future for the continent.
