Keypoints:
- Spiro raises $50m debt financing from Afreximbank and partners
- Funding targets battery-swapping expansion and clean mobility
- Company now operates across six African markets
AFRICAN electric mobility company Spiro has secured $50 million in new debt financing to accelerate the expansion of its battery-swapping infrastructure and deepen investment in clean transport technology across the continent.
The funding comes from the African Export-Import Bank (Afreximbank), climate finance platform Nithio, and the Africa Go Green Fund managed by Cygnum Capital, according to a company announcement released Tuesday.
The investment follows Spiro’s record-breaking $100 million capital raise in October 2025, widely regarded as Africa’s largest single investment in electric mobility to date.
Scaling Africa’s energy and mobility future
The latest financing signals growing investor confidence in Africa’s emerging electric mobility sector, where battery-swapping models are increasingly viewed as a practical solution to high fuel costs, urban pollution, and unreliable charging infrastructure. By expanding its network and technology platform, Spiro aims to position itself at the centre of Africa’s transition toward low-carbon transportation systems.
Expansion of battery-swapping network
Spiro said the new capital will fund the rollout of additional battery-swapping stations in both existing and new markets while advancing proprietary technologies including automated battery swaps, fast-charging systems, and renewable energy integration.
Chief executive Kaushik Burman said demand for electric mobility solutions across Africa continues to accelerate.
‘Demand for Spiro’s innovative battery-swapping infrastructure continues to grow and is reshaping mobility in Africa by providing reliable, clean transportation options,’ Burman said. ‘This funding reinforces our vision of building a scalable energy network tailored for Africa by Africans.’
Battery swapping — which allows riders to exchange depleted batteries for charged ones within minutes — has gained traction in African cities where charging time and grid reliability remain major barriers to electric vehicle adoption.
Investors back climate and economic impact
Investors said the financing reflects confidence in Spiro’s commercial model and environmental impact.
Laurène Aigrain, managing director of the Africa Go Green Fund, said the company had demonstrated measurable results across multiple markets.
‘Spiro has built a strong platform delivering tangible impact as it scales critical clean mobility infrastructure,’ she said, adding that the investment aligns with the fund’s focus on businesses combining innovation with environmental and social benefits.
Raghav Sachdeva, chief investment officer at Nithio, described electric mobility as a key pillar of Africa’s energy transition.
‘Spiro has shown that electric mobility can scale rapidly while delivering real economic value and meaningful emissions reductions,’ he said.
Afreximbank also framed the investment as part of a broader strategy to finance sustainable industrial growth across Africa.
Oluranti Doherty, managing director for export development at Afreximbank, said supporting electric mobility contributes to a greener trade ecosystem and strengthens long-term economic development.
Rapid growth across African markets
Spiro currently operates in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with pilot programmes underway in Cameroon and Tanzania.
The company says it has deployed more than 80,000 electric motorcycles and circulated over 300,000 batteries, completing more than 30 million battery swaps through a network exceeding 2,500 stations. Collectively, these operations have enabled more than one billion kilometres of carbon-free travel.
Founder Gagan Gupta said the company’s strategy centres on locally designed solutions supported by global expertise.
‘By combining local insights with global best practices, we are building a resilient green energy ecosystem that supports economic development and climate goals,’ Gupta said.
Building a ‘Made-in-Africa’ mobility ecosystem
Spiro positions itself as Africa’s largest electric mobility company focused on two-wheel vehicles, operating assembly and production facilities in Uganda, Kenya, Nigeria and Rwanda.
The company argues that local manufacturing and infrastructure development can reduce dependence on imported fossil fuels while lowering transport costs for riders.
Industry analysts note that electric motorcycles — widely used for ride-hailing and delivery services — represent one of the fastest pathways to decarbonising African urban transport due to their high daily utilisation rates.
With fresh capital secured and investor backing expanding, Spiro now aims to scale what it describes as a continent-wide energy and mobility ecosystem aligned with global climate goals and the UN Sustainable Development Goals on clean energy and sustainable cities.
