Agence France-Presse (AFP)
Already present in Benin, Togo and Rwanda with 10,000 vehicles, the loan of $63mln will allow it to expand and put another 15,700 of the battery-powered vehicles on the road
African startup Spiro said Friday it will expand its leasing of electric scooters and motorcycles to Kenya and Uganda after having received new financing.
Already present in Benin, Togo and Rwanda with 10,000 vehicles, the loan of $63 million will allow it to expand and put another 15,700 of the battery-powered vehicles on the road.
Spiro’s scooters and motorcycles have batteries that can be removed quickly and has developed a network of stations where low batteries can be exchanged for fully-charged ones.
Having obtained a first tranche of financing of $60 million, on Friday Spiro signed a $63 million loan with French bank Societe Generale.
“In Africa there is a big tradition of moto-taxis. It is these drivers who are our core clientele, said Spiro’s chief executive Jules Samain.
Spiro offers leasing plans and a subscription for battery swapping.
At five dollars per day, “choosing electric is very profitable for our clients,” said Samain.
“They don’t suffer price rises on petroleum products, they don’t have to do the same maintenance as on a gasoline motorcycle and they have a more solid vehicle,” he added.
The scooter and motorcycle have a range of between 75 and 90 kilometres, and the batteries can also be charged at home by clients.
Spiro is controlled by the Emirati fund ATIF managed by Gagan Gupta, a developer of industrial sites in Africa.
Spiro intends to develop manufacturing facilities in each African country it operates. Its first assembly plant should open next year in Benin.
One of its rivals, Roam, opened Africa’s first electric motorcycle factory in Kenya.
