Spiro secures US$50 million from Afreximbank, others to expand Africa battery-swapping network

Financing for electric vehicle transport is ramping up in Africa as confidence rises in the potential for battery swapping, fast charging and other technologies.

Spiro, Africa’s largest electric mobility operator, has secured US$50 million in debt financing from African Export-Import Bank, or Afreximbank, US-based climate fintech platform Nithio and the Africa Go Green Fund to expand its battery-swapping network.

The announcement came days after Arc Ride, another e-mobility firm, received a US$5 million equity commitment from the International Finance Corp., or IFC, signalling growing institutional confidence in Africa’s clean transport sector. Gogo Electric, a Ugandan e-bike start-up, also raised US$1 million last week from ElectriFi, the European Union-funded electrification financing managed by the EDFI management firm.

Spiro said that it would use the capital to extend its battery-swapping stations to existing and new markets, while advancing technology including automated battery swaps, fast charging and renewable energy integration.

“This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans,” said Kaushik Burman, chief executive of Spiro.

The e-mobility company operates in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with trials in Cameroon and Tanzania. It has deployed more than 80,000 electric motorcycles, circulated more than 300,000 batteries, completed 30 million battery swaps, and established more than 2,500 swap stations. Riders have logged more than 1 billion carbon-free kilometres.

“We will use it to deploy energy infrastructure that will contribute meaningfully to a greener future in Africa,” said its founder, Gagan Gupta.

Development financiers see electric mobility as both a climate solution and an industrialisation opportunity in Africa.

“Spiro is one of the largest and fastest-growing players in the Pan-African e-mobility market. We see e-mobility as a critical pillar of Africa’s clean energy transition,” said Raghav Sachdeva, chief investment officer at Nithio.

Laurène Aigrain, managing director of Africa Go Green Fund, said that the transaction reflects the fund’s commitment to backing commercially robust businesses that combine innovation with measurable environmental and social impact.

Afreximbank officials framed their backing as central to Africa’s sustainable industrialisation.

“Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent,” said Oluranti Doherty, managing director for export development.

Since 2022, Spiro has raised more than US$230 million, financing production and assembly facilities across Nigeria, Kenya, Uganda and Rwanda, a reflection of the broader trend of climate-focused capital flowing into Africa’s e-mobility sector.

AP