Spiro Secures $50 Million to Expand Electric Mobility Network Across Africa
NAIROBI, Kenya (AP) — Financing for electric vehicle transport is rapidly increasing in Africa, fueled by growing confidence in technologies like battery swapping and fast charging. Spiro, the continent’s largest electric mobility operator, has secured $50 million in debt financing from African Export-Import Bank (Afreximbank), U.S.-based climate fintech Nithio, and the Africa Go Green Fund to expand its battery-swapping network. This latest funding follows a landmark $100 million investment in October 2025, which marked the largest-ever electric mobility investment in Africa.
Growing Confidence in African E-Mobility
The announcement of Spiro’s funding comes shortly after Arc Ride, another e-mobility firm, received a $5 million equity commitment from the International Finance Corporation (IFC). Gogo Electric, a Ugandan e-bike startup, raised $1 million last week from ElectriFi, the European Union-funded electrification financing initiative managed by EDFI Management. These investments signal increasing institutional confidence in Africa’s clean transport sector.
Expanding Infrastructure and Technology
Spiro plans to use the new capital to extend its battery-swapping stations to both existing and new markets. The company will also focus on advancing its technology, including automated battery swaps, fast charging capabilities, and integration with renewable energy sources. According to Kaushik Burman, CEO of Spiro, this funding reinforces the company’s vision of building a robust and scalable energy network tailored for Africa, developed by Africans.
Spiro’s Current Operations and Impact
Spiro currently operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with trials underway in Cameroon, and Tanzania. As of February 2026, the company has deployed over 80,000 electric motorcycles, circulated more than 300,000 batteries, completed 30 million battery swaps, and established over 2,500 swap stations. Riders using Spiro’s network have collectively logged more than 1 billion carbon-free kilometers. Spiro founder Gagan Gupta emphasized the company’s commitment to deploying energy infrastructure that will contribute to a greener future for Africa.
A Pan-African Approach to Sustainable Mobility
Development financiers view electric mobility as a crucial component of both climate solutions and industrialization in Africa. Raghav Sachdeva, chief investment officer at Nithio, stated that Spiro is “one of the largest and fastest-growing players in the Pan-African e-mobility market,” and that e-mobility is a “critical pillar of Africa’s clean energy transition.”
Laurène Aigrain, managing director of Africa Go Green Fund, highlighted the fund’s commitment to supporting commercially viable businesses that combine innovation with measurable environmental and social impact. Afreximbank officials framed their backing as central to Africa’s sustainable industrialization, stating that “driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent.”
Since 2022, Spiro has raised over $230 million, funding the establishment of production and assembly facilities in Nigeria, Kenya, Uganda, and Rwanda, reflecting the broader trend of climate-focused capital flowing into Africa’s e-mobility sector.