Electric mobility company Spiro has secured $50 million to accelerate the expansion of its battery swapping network across Africa. This funding round, supported by African Export-Import Bank (Afreximbank), Nichio and the Africa Go Green Fund, builds on a previous $100 million raise completed in October 2025 and highlights growing investor confidence in the continent’s emerging electric vehicle (EV) ecosystem.
Spiro’s latest funding positions it to gain first-mover advantage in a market expected to reach $4.2 billion by 2030. As local assembly scales and policy frameworks mature, investors are increasingly supporting scalable infrastructure models that reduce initial vehicle costs and accelerate deployment. The key test now is whether the capital deployment can translate into network density and unit economics strong enough to establish long-term profitability in Africa’s rapidly evolving EV environment.
Spiro’s expansion into Africa: capital and collaboration
Spiro’s latest funding is in line with the company’s broader strategy to expand its products across Africa. The company currently has more than 80,000 electric bikes and approximately 2,500 battery swap stations in six African markets, and plans to expand its EV infrastructure into new markets. In particular, the company is considering entering Cameroon and Tanzania following the launch of pilot projects there.
“Demand for Spiro’s innovative and industry-leading battery replacement infrastructure continues to grow, reshaping mobility in Africa by providing reliable and clean transportation across the continent,” said Kaushik Burman, CEO of Spiro.
In addition to the financing, Spiro is strengthening its position across the EV value chain and expanding strategic partnerships to address key industry challenges. The company partnered with vehicle finance provider Mogo to deploy 1,000 electric bikes in Kenya, improving access to financing for riders. We are also working with Ace Green Recycling to strengthen our battery recycling capacity and with Mount Kigali University to support research, workforce development and the implementation of sustainable mobility solutions.
The broader African EV context
Spiro’s expansion follows a series of supportive policy reforms introduced by African governments to accelerate EV adoption and attract investment.
Orlanti Doherty, Afreximbank’s Managing Director for Export Development, said: “Advancing Africa’s transition to electric mobility is at the heart of how we envision sustainable economic development across the continent.”
The South African government has introduced a 150% tax credit incentive for companies investing in the production of electric and hydrogen vehicles, along with a R1 billion support package aimed at boosting local production capacity. These measures are expected to boost domestic manufacturing and create new investment opportunities for electric mobility companies.
Similarly, Kenya launched its National Electric Mobility Policy in February 2026, introducing tax incentives for EV components and charging infrastructure, with a goal of deploying 3,000 EVs across government ministries by 2027. The adoption of electric motorcycles in Kenya is rapidly increasing, increasing from less than 700 units in 2022 to approximately 24,000 units in 2025, reflecting strong market uptake.
Other African countries have implemented similar measures to accelerate the uptake of EVs. Nigeria introduced a 50% reduction in EV import duties to improve affordability, while Ghana and Rwanda implemented duty exemptions on EV imports and charging equipment. Ethiopia is taking a more aggressive approach to accelerating electrification by banning imports of new internal combustion engine vehicles. Meanwhile, Uganda’s National E-Mobility Strategy, announced in 2023, targets full electrification of public transport and motorcycles by 2030.
With the development of capital, policy momentum, and cross-sector partnerships, Africa’s EV market is rapidly moving from pilot projects to expansion. The next inflection point will depend on whether companies like Spiro can translate capital and incentives into durable infrastructure, localized value chains, and commercially sustainable growth across multiple markets.
