African electric vehicle (EV) company Spiro has announced a US$100 million (R1,7 billion) investment in expanding its electric motorcycle and battery-swapping network across the continent – described by the company as the largest funding deal yet in Africa’s electric two-wheeler industry.
According to Spiro, the new funding includes US$75 million (R1,3 billion) from the Fund for Export Development in Africa, the impact investment arm of Afreximbank. The capital will be used to scale the company’s battery-swapping network and expand operations in several African markets with pilot projects already underway in Tanzania and Cameroon.
Spiro Chief Executive Kaushik Burman said the funding demonstrates that electric mobility is becoming economically competitive. “For the first time, sustainable transportation performs better, costs less and offers greater profitability than traditional gas-powered vehicles.”
Afreximbank President Benedict Oramah said the partnership “will strengthen Africa’s mobility sector, promote local manufacturing and advance regional energy integration in support of the continent’s shift toward cleaner, low-carbon transport solutions."
