According to a report by Semafor Africa, Spiro, an EV company with about 9,400 motorcycles in Benin, Togo, and Rwanda, will sign a $63 million debt financing agreement this week with French bank Société Générale and London-based financier GuarantCo.
Details
The funds will be used to import more bikes and batteries from Spiro’s China-based EV maker Horwin.
Funds raised will also go to funding two electric motorcycle assembly and battery manufacturing plants being built in Benin and Togo and scheduled to open in 2024.
By The Numbers
Spiro had raised $65 million in equity from investors including the Africa Transformation and Industrialization Fund, an Abu Dhabi company.
The Bigger Picture
Spiro has planned to roll out more than 140,000 EV bikes over the next five years in Uganda.
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