Spiro, Africa’s Largest Electric Vehicle Maker, Agrees To US$50m Debt Facility With Afreximbank to Accelerate Expansion

Spiro, Africa’s Largest Electric Vehicle Maker, Agrees To US$50m Debt Facility With Afreximbank to Accelerate Expansion

Spiro, Africa’s largest Electric Vehicle Company, agrees to US$50 Million Debt Facility with Afreximbank to accelerate expansion. The EV company says the US$50 million debt facility will help expand its network of automated swap stations and introduce new electric bike models. Last August, Spiro announced a $63m debt funding round with Societe Generale, a deal designed to expand the company’s footprint in Benin and Togo. Spiro, Africa’s largest Electric Vehicle (EV) Company, has announced...
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Spiro secures $50m debt funding from Afreximbank to expand electric vehicles in Africa

Spiro secures $50m debt funding from Afreximbank to expand electric vehicles in Africa

Spiro, an India-based electric vehicle company, has signed a $50 million debt financing deal with Afreximbank to expand its offering in its existing markets. The company operates in six countries: Benin, Togo, Kenya, Nigeria, Uganda, and Ghana, and plans to expand to Cameroon, and Morocco this year.  The company has spent the past two years mapping African cities and identifying potential markets. It claims to be the largest operator of electric motorbikes in Africa and has mostly focused on tw...
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