Financing for electric vehicle transport has increased significantly across Africa, highlighting growing confidence in innovative technologies such as battery swapping and fast charging. Spiro, the continent’s largest electric mobility operator, recently secured $50 million in debt financing from several prominent institutions, including African Export-Import Bank (Afreximbank), US-based climate fintech platform Nichio, and the Africa Go Green Fund. The funding is aimed at expanding Spiro’s network of battery swapping stations and signals the company’s commitment to revolutionizing Africa’s e-mobility landscape.
The announcement comes on the heels of another major player in the e-mobility space, Arc Ride, receiving a $5 million investment commitment from the International Finance Corporation (IFC). Such financial support demonstrates growing institutional confidence in clean transport within the region. Additionally, Gogo Electric, a Ugandan startup specializing in electric bicycles, has successfully raised $1 million from ElectriFi, a European Union funding initiative focused on electrification.
Spiro plans to direct the new capital toward strengthening its battery swapping stations in both established and emerging markets. The company is also investing in advances such as automatic battery swapping, fast charging technology, and the integration of renewable energy sources. CEO Kaushik Burman highlighted the importance of this funding in strengthening the vision of an efficient energy network designed specifically for Africa by Africans.
Spiro currently operates in multiple African countries including Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with trials underway in Cameroon and Tanzania. The company has an impressive track record of deploying over 80,000 electric bikes, performing over 30 million battery replacements and facilitating carbon-free travel for riders who have covered over 1 billion kilometers in total.
Gagan Gupta, founder of Spiro, expressed his determination to use the new funding to deploy energy infrastructure that will significantly contribute to Africa’s greener future. Development investors recognize that electric mobility is not only a solution to climate change, but also a significant opportunity for regional industrialization. Raghav Sahdeva, Chief Investment Officer at Nichio, described Spiro as a key pillar in Africa’s clean energy transition, highlighting Spiro’s role as a leading and rapidly expanding company in the pan-African e-mobility market.
Africa Go Green Fund Managing Director Laurène Aigran said the deal underlines the fund’s commitment to supporting commercially viable businesses that combine innovation with measurable environmental and social impact. Afreximbank officials said the support is critical to advancing Africa’s sustainable industrialization efforts. Orlanti Doherty, Managing Director for Export Development, said the promotion of electric mobility is essential to envisioning sustainable economic development across the continent.
Since 2022, Spiro has successfully raised more than $230 million to fund production and assembly facilities across Nigeria, Kenya, Uganda and Rwanda, setting a precedent for climate-focused funding into Africa’s e-mobility sector.
