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Spiro secures $50 million from Afreximbank, others to expand Africa battery-swapping network
Spiro aims to scale its network and technology, having completed 30 million battery swaps and deployed over 80,000 electric motorcycles, backed by $50 million in new debt.
- Spiro secured $50 million in debt financing from African Export-Import Bank, Nithio and Africa Go Green Fund to expand its swap network and advance automated swaps, fast charging and renewable integration.
- The move follows recent institutional commitments, including a $5 million IFC equity pledge to Arc Ride and a $1 million raise last week for Gogo Electric from ElectriFi.
- Spiro's network already includes more than 2,500 swap stations, over 80,000 electric motorcycles, more than 300,000 batteries, and riders have logged over one billion carbon‑free kilometers across Kenya, Uganda, Rwanda, Nigeria, Benin, Togo, Cameroon, and Tanzania.
- Spiro's CEO and fund managers said the deal reinforces a locally tailored energy network, with Gagan Gupta stating, `We will use it to deploy energy infrastructure that will contribute meaningfully to a greener future in Africa.`
- The raise builds on more than $230 million Spiro secured since 2022, reflecting development financiers viewing e‑mobility as both a climate solution and industrialization opportunity in Africa, with Raghav Sachdeva calling it "a critical pillar of Africa's clean energy transition.
20 Articles
20 Articles
Spiro Raises $50 Million As Demand For Its Battery Swapping Infrastructure & EVs Surges Across Africa - CleanTechnica
Motorcycles are a really big deal in a lot of African countries, with most of them deployed as taxis. Close to 30 million motorcycles on the continent are used in this motorcycle taxi industry. With almost 99% of them still being internal combustion engine motorcycles, there is a huge opportunity ... [continued] The post Spiro Raises $50 Million As Demand For Its Battery Swapping Infrastructure & EVs Surges Across Africa appeared first on CleanT…
Associated Press News
Spiro secures $50 million from Afreximbank, others to expand Africa battery-swapping network
Financing for Africa's electric mobility sector is surging, reflecting growing investor confidence in battery swapping, fast charging and local assembly.
The company Spiro, specializing in electric mobility and pioneer of battery replacement in Africa, announced this 24 February that it has mobilized $50 million from the Afreximbank, as well as two new investors, notably Nithio and the Africa Go Green Fund, managed by Cygnum Capital. This fundraiser comes after an investment...
Spiro raises $50 million to expand bikes and battery swap stations
Electric mobility company Spiro has closed a $50 million funding round led by Afreximbank, with Nithio and the Africa Go Green Fund joining as new investors. The company will use the funds to build more battery swap stations and provide more electric motorcycles to riders in Africa. Currently, it operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. They are also testing their services in Cameroon and Tanzania. The company has raised a si…
techlabari.com
evshift.comEV Startup Spiro Secures $50 Million to Scale Its Operations in Africa
Spiro, Africa’s largest e-mobility operator, has secured $50 million in debt financing to scale its operations. The funding comes from a heavyweight consortium: The Strategy Spiro plans to use the $50 million to refine its “energy network” across existing markets like Kenya, Nigeria, and Rwanda. The focus isn’t just on bikes, but on the tech […] The post EV Startup Spiro Secures $50 Million to Scale Its Operations in Africa appeared first on Tec…
Afreximbank and others lend $50 million to Spiro
Spiro, an African electric mobility company, has raised $50 million in debt financing from Afreximbank, Nithio, and Africa Go Green Fund to expand across the continent as demand for its battery-swapping infrastructure and electric vehicles surges. The funding further cements its position in Africa’s electric mobility sector. In October 2025, the company raised $100 million, the largest electric mobility investment in the sector at the time. “Dem…
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