E-mobility firm, Spiro has raised $63 million in equity investment and achieved a significant milestone in its electric two-wheeler venture across Africa.
Formerly known as MAUTO, the company which holds the lead in the African market for electric two-wheelers, has completed one million battery swaps for its motorcycles across the continent and raised $63 million from French bank Société Générale and London-based financier GuarantCo..
“In the realm of electric two-wheelers, Spiro, previously recognized as MAUTO, declared a noteworthy accomplishment in Africa. The company, acclaimed as the market leader for electric two-wheelers in Africa, has now achieved an impressive count of one million battery swaps for its motorbikes spread across the African nations,” the report said.
Introduced in the 2022, the company currently boasts an excess of 6,000 motorcycles actively traversing the roads, with its expansion gaining swift momentum.
Notably, in Uganda, Spiro has recently forged a groundbreaking accord with the Ugandan government. This agreement pertains to the substitution of boda-bodas, which are diminutive motorcycle taxis widely favoured for transportation in Uganda, with electric motorbikes.
Although boda-bodas serve as a prevalent mode of conveyance, they concurrently contribute significantly to environmental contamination.
Spiro’s electric motorbikes stand as a more environmentally friendly and enduring substitute, presenting a cleaner and sustainable choice.
Chief Executive Officer (CEO) of Spiro, Jules Samain said”My goal is to transform the African city with an efficient energy transition model. Two-wheeled transport is a major axis of this transition to improve the health of populations.”
He added that apart from Spiro’s engagement in the energy transition, his additional focus lies in generating employment opportunities for the youth prepared to tackle the industrialization challenges of the continent.
In alignment with this goal, Spiro is establishing manufacturing facilities in each nation to oversee the assembly, restoration, and recycling of vehicles in active use.
This commitment stems from his belief that we should pioneer the advancement of eco-friendly transportation originating from Africa.
The company’s headquarters are in Benin and has operations in Togo, Uganda, and Rwanda.
The firm, operating with a fleet of approximately 9,400 motorcycles across Benin, Togo, and Rwanda, is set to finalize a debt financing agreement amounting to $63 million. The agreement involves collaboration with French bank Société Générale and London-based financier GuarantCo.
“The designated funds from this agreement will be earmarked for the procurement of additional motorcycles and batteries from Horwin, an EV manufacturer based in China that collaborates with Spiro,” Mr Samain shared the information with Semafor Africa.
Notably, Spiro had previously secured $65 million in equity investment, which included contributions from investors such as the Africa Transformation and Industrialization Fund, an Abu Dhabi-based company.
A portion of this capital is presently being utilized for the establishment of two assembly facilities for electric motorcycles and battery production in Benin and Togo.
These facilities are on track to commence operations in 2024, as confirmed by Samain.