US EditionSpiro secures $50 million from Afreximbank, others to expand Africa battery-swapping network
Spiro will use $50 million debt to expand battery-swapping stations and advance technology in multiple African countries, supporting over 30 million swaps to date.
- Spiro secured $50 million in debt financing from African Export-Import Bank, Nithio and Africa Go Green Fund to expand its swap network and advance automated swaps, fast charging and renewable integration.
- The move follows recent institutional commitments, including a $5 million IFC equity pledge to Arc Ride and a $1 million raise last week for Gogo Electric from ElectriFi.
- Spiro's network already includes more than 2,500 swap stations, over 80,000 electric motorcycles, more than 300,000 batteries, and riders have logged over one billion carbon‑free kilometers across Kenya, Uganda, Rwanda, Nigeria, Benin, Togo, Cameroon, and Tanzania.
- Spiro's CEO and fund managers said the deal reinforces a locally tailored energy network, with Gagan Gupta stating, `We will use it to deploy energy infrastructure that will contribute meaningfully to a greener future in Africa.`
- The raise builds on more than $230 million Spiro secured since 2022, reflecting development financiers viewing e‑mobility as both a climate solution and industrialization opportunity in Africa, with Raghav Sachdeva calling it "a critical pillar of Africa's clean energy transition.
22 Articles
22 Articles
Spiro Raises $50 Million As Demand For Its Battery Swapping Infrastructure & EVs Surges Across Africa - CleanTechnica
Motorcycles are a really big deal in a lot of African countries, with most of them deployed as taxis. Close to 30 million motorcycles on the continent are used in this motorcycle taxi industry. With almost 99% of them still being internal combustion engine motorcycles, there is a huge opportunity ... [continued] The post Spiro Raises $50 Million As Demand For Its Battery Swapping Infrastructure & EVs Surges Across Africa appeared first on CleanT…
Associated Press News
Spiro secures $50 million from Afreximbank, others to expand Africa battery-swapping network
Financing for Africa's electric mobility sector is surging, reflecting growing investor confidence in battery swapping, fast charging and local assembly.
Spiro raises $50 million for Uganda electric bikes
Electric mobility leader Spiro secured $50 million in debt funding to grow its presence in Uganda and scale clean energy transport infrastructure across Africa. KAMPALA — Spiro, an electric mobility company with operations in Uganda, has secured $50 million in debt funding to expand its battery-swapping infrastructure and electric vehicle fleet across Africa. The funding round, announced Tuesday, included participation from Afreximbank and two n…
Spiro Secures $50 Million to Expand Africa’s Electric Mobility Network
Spiro, Africa’s largest electric mobility operator, has raised US$50 million in debt financing from Afreximbank, Nithio, and the Africa Go Green Fund. The capital will accelerate the company’s rollout of battery‑swapping stations, expand electric motorcycle operations, and integrate renewable energy solutions across the continent. This follows Spiro’s US$100 million investment in October 2025, previously the [...] The post Spiro Secures $50 Mill…
The company Spiro, specializing in electric mobility and pioneer of battery replacement in Africa, announced this 24 February that it has mobilized $50 million from the Afreximbank, as well as two new investors, notably Nithio and the Africa Go Green Fund, managed by Cygnum Capital. This fundraiser comes after an investment...
Spiro raises $50 million to expand bikes and battery swap stations
Electric mobility company Spiro has closed a $50 million funding round led by Afreximbank, with Nithio and the Africa Go Green Fund joining as new investors. The company will use the funds to build more battery swap stations and provide more electric motorcycles to riders in Africa. Currently, it operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo. They are also testing their services in Cameroon and Tanzania. The company has raised a si…
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