Spiro, electric motorbike manufacturer, to expand fleet in Togo & Benin

Spiro, a leading electric motorbike manufacturer and clean energy provider in Africa, has landed $63 million loan from GuarantCo, a company in the Private Infrastructure Development Group (PIDG), and the French bank Société Générale to be used to expand its fleet of electric motorbikes, alongside the associated batteries and swap stations, in Benin and Togo.

The first tranche, $35 million, will come from Société Générale, secured by a 70% partial credit guarantee from GuarantCo.

The startup has so far deployed over 9,200 electric motorbikes across Benin, Togo, and Rwanda.

Spiro believes the expansion plan aligns with Sustainable Development Goals (SDGs) 11.6 and 13, which aim to reduce the environmental impact on cities and limit climate change. The partnership with the lenders is committed to leading the charge in E-mobility, contributing to a cleaner and more sustainable Africa.

“This major transaction supports Spiro’s mission to tackle the climate emergency, improve public health and stimulate economic growth in Africa. Spiro aims to replace conventional combustion engines with clean electric alternatives, significantly reducing the carbon dioxide (CO2) emissions that cause air pollution,” the company says. It believes switching to electric motorcycles, the riders in this industry can save up to $360 per year.