Spiro, Africa's largest electric mobility operator, has secured $50 million in debt financing from the African Export-Import Bank (Afreximbank), US-based climate fintech Nithio, and the Africa Go Green Fund. The funds will be used to expand its battery-swapping network across the continent.
The company plans to extend its battery-swapping stations to existing and new markets while advancing technology such as automated battery swaps, fast charging, and renewable energy integration. Spiro operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with trials in Cameroon and Tanzania.
Spiro has deployed over 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 over one billion carbon-free kilometres. Since 2022, Spiro has raised more than $230 million, financing production and assembly facilities across Nigeria, Kenya, Uganda, and Rwanda.
The funding follows recent investments in other African e-mobility firms, including a $5 million equity commitment from the International Finance Corporation for Arc Ride and a $1 million raise by Ugandan e-bike start-up Gogo Electric. Development financiers see electric mobility as both a climate solution and an industrialisation opportunity in Africa.
