Spiro Secures $215 Million To Expand Africa’s Electric Mobility And Battery-Swapping Network
African electric mobility firm Spiro has secured a $215 million (Sh27.8 billion) equity investment to expand its electric vehicle operations and battery-swapping infrastructure across Africa.
The funding round is backed by institutional investors including Impact Fund Denmark and Equitane.
The capital will be deployed to expand the company’s battery-swapping network, strengthen manufacturing and assembly operations, advance technology development and support entry into new markets, including the Democratic Republic of Congo and Ethiopia.
Spiro currently operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon, where it has been rolling out electric motorcycles and supporting infrastructure.
“This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality,”said Gagan Gupta, Founder of Spiro and Chairman of Equitane.
“Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent,”
Riders using Spiro electric motorcycles can reduce operating costs by up to 40 percent, equivalent to about $2 (Sh258) per day compared to petrol-powered bikes.
A lifecycle assessment conducted in Kenya found that the electric motorcycles reduce climate impact by 72 percent compared to fossil-fuel alternatives, equivalent to about 19 tonnes of CO₂ emissions avoided over a vehicle’s lifespan.
The study also recorded an 80 percent reduction in ozone depletion potential and a 20 percent reduction in particulate matter emissions.
Kenya hosts one of Spiro’s manufacturing facilities, alongside plants in Rwanda and Uganda. The company also operates a battery recycling facility in Nigeria.
Spiro is also expanding into solar-powered battery-swapping stations and second-life battery storage systems aimed at supporting renewable energy deployment.
“We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact,”said Lars Bo Bertram, Chief Executive Officer of Impact Fund Denmark.
The investment will support expansion of infrastructure and operations across existing and new markets in Africa.
