Spiro Secures $215M to Scale Electric Mobility Infrastructure Across Africa

NAIROBI, Kenya (AP) — Spiro, an African electric vehicle company, has secured $215 million in equity funding to expand its battery-swapping and electric mobility infrastructure across the continent, the firm announced Monday.

The funding round was led by institutional investors across Europe and Africa, including Denmark’s Impact Fund, highlighting increasing investor confidence in Africa’s clean energy and transport sectors.

“This past year represented a transformative phase for Spiro,” said Gagan Gupta, founder and chair of Equitane. “Our deployment of 100,000 electric vehicles and 2,500 smart-swap stations across seven markets has made sustainable mobility both accessible and cost-effective.”

Gupta emphasized that the next phase of growth will focus on providing sustainable transport solutions to millions of commuters across Africa.

Spiro, currently operating in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon, plans to use the new capital to expand its battery-swapping network, enhance local manufacturing and assembly capabilities, and enter new markets such as the Democratic Republic of Congo and Ethiopia.

The company has not disclosed the valuation associated with the investment.

The funding arrives as African nations aim to reduce reliance on imported fossil fuels, enhance energy security, and modernize urban transportation amid rising fuel costs and growing demand for affordable mobility options.

Lars Bo Bertram, CEO of Impact Fund Denmark, stated the investment reflects strong confidence in the potential of Africa’s electric mobility market.

Electric motorcycles are gaining traction in Africa, where two-wheeled vehicles are widely used for urban transport and delivery services.

Spiro operates manufacturing facilities in Kenya, Rwanda, and Uganda, along with a battery recycling plant in Nigeria.

The company claims that riders using its electric motorcycles can reduce daily transport costs by up to 40%, resulting in savings of up to $2 compared to traditional gasoline-powered models.

Additionally, Spiro is developing solar-powered battery-swapping stations and second-life battery storage systems to further enhance sustainability.

While Africa’s electric mobility market is smaller than China and Europe, analysts note rapid growth driven by government clean transport policies and startups adopting localized business models, such as battery-swapping systems that minimize charging time and vehicle costs.

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