E-Mobility Firm Spiro Secures $63M Loan for Expansion in Benin and Togo

Source: Togo First

(Togo First) – Electric motorbike manufacturer, Spiro (formerly M Auto) will increase its fleet in Togo and Benin, using a $63 million loan it just secured from Société Générale, the French banking group. 

Besides expanding its fleet in the two West African markets, the e-mobility company will also set up new battery charging and swapping stations there. In detail, Spiro plans to acquire over 15,700 new bikes. 

The project targets nearly 400,000 taxi-bike riders active in the two countries mentioned, according to Jules Samain, Managing Director Spiro.

The loan will be provided in various installments. The first, of $35 million will be mostly -70%- guaranteed by GuarantCo. 

Back in September 2022, Spiro said it had sold and put into circulation more than 2,000 of its electric bikes in Benin and Togo. The firm, it is worth noting, is also present in Rwanda and Uganda.


Spread the love

©NipePesaMagazine. 2024.

Stock Market