African electric vehicle EV company Spiro has announced a US100 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 Africas electric two-wheeler industry.
According to Spiro, the new funding includes US75 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 companys 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.