Spiro, Africa’s leading electric mobility company, has secured $50 million in funding to expand its battery swapping infrastructure across the continent. Funding is coming from multiple international financial institutions as confidence in Africa’s clean transport sector grows.
NAIROBI, Kenya — Investment in electric vehicle infrastructure is gaining momentum across Africa as investors increase their confidence in battery swapping technology and fast charging solutions.
African electric mobility giant Spiro has secured $50 million in debt funding from African Export-Import Bank (Afreximbank), US climate finance company Nichio and Africa Go Green Fund to expand its battery replacement infrastructure.
This funding announcement follows recent investments in other African electric mobility companies, including Ark Ride’s $5 million equity investment from the International Finance Corporation (IFC) and Gogo Electric’s $1 million funding from EU-backed Electrify last week, and signals growing institutional support for clean transportation in Africa.
Spiro said the new capital will help the company expand its battery swapping locations in current and future markets while developing advanced technologies such as automatic battery swapping, fast charging capabilities and renewable energy systems.
“This new funding strengthens our vision to build a robust and scalable energy network tailored for Africa, by Africans,” said Kaushik Burman, CEO of Spiro.
The electric mobility company currently operates in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with pilot programs underway in Cameroon and Tanzania. To date, the company has deployed more than 80,000 electric bikes, distributed more than 300,000 batteries, facilitated 30 million battery replacements, and built more than 2,500 replacement locations. Customers have traveled more than 1 billion carbon-neutral kilometers to date.
“We will use this to deploy energy infrastructure that meaningfully contributes to a greener future for Africa,” said founder Gagan Gupta.
Development finance institutions see electric mobility as both an environmental solution and an opportunity for industrial growth across Africa.
“Spiro is one of the largest and fastest growing companies in the pan-African e-mobility market. We see e-mobility as a key pillar of Africa’s clean energy transition,” said Raghav Sahdeva, Chief Investment Officer at Nichio.
Africa Go Green Fund Managing Director Laurène Aigran said the investment reflects the fund’s dedication to supporting financially sound businesses that combine innovation with quantifiable environmental and social benefits.
Afreximbank representatives identified their investment as essential for sustainable industrial development in Africa.
“Advancing Africa’s transition to electric mobility is at the core of how we see sustainable economic development across Africa,” said Orlanthi Doherty, Managing Director, Export Development.
Since 2022, Spiro has raised more than $230 million in funding to support manufacturing and assembly operations across Nigeria, Kenya, Uganda and Rwanda, demonstrating a broader movement of climate-focused investment into Africa’s electric mobility industry.
