African EV firm Spiro raises $215 million for electric mobility expansion

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NAIROBI, Kenya (AP) — African electric vehicle firm Spiro has raised $215 million in equity financing to expand its battery-swapping and electric mobility infrastructure across Africa, the company said Monday.

The investment round was backed by institutional investors in Europe and Africa, including Denmark’s Impact Fund, underscoring growing interest in Africa’s clean transport and energy sectors.

“This past year marked a defining strategic milestone for Spiro,” Gagan Gupta, founder of Spiro and chair of Equitane, said in a statement. “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.”

Gupta said the company’s next growth phase would focus on delivering transport alternatives to millions of riders across the continent.

Spiro, which operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon, said the new funding will support the expansion of its battery-swapping network, strengthen local manufacturing and assembly operations, and accelerate its entry into new markets, including the Democratic Republic of Congo and Ethiopia.

The company did not disclose the valuation tied to the investment round.

The funding comes as African countries seek to reduce dependence on imported fossil fuels, improve energy security and modernize urban transportation as fuel prices rise and demand for affordable mobility grows.

Lars Bo Bertram, CEO of Impact Fund Denmark, said the investment reflected confidence in Africa’s electric mobility market.

Electric motorcycles are emerging as a major growth segment in Africa, where two-wheelers dominate urban transport and delivery services in many cities.

The firm operates manufacturing plants in Kenya, Rwanda and Uganda, as well as a battery recycling facility in Nigeria.

Spiro said riders using its electric motorcycles can cut daily transport costs by up to 40%, saving as much as $2 per day compared with conventional gasoline-powered motorcycles.

The company said it is also developing solar-powered battery-swapping stations and second-life battery storage systems.

Africa’s electric mobility market remains relatively small compared with China and Europe. Still, analysts say the sector is expanding quickly as governments introduce cleaner transport policies and startups develop business models tailored to local markets, including battery-swapping systems that reduce charging times and upfront vehicle costs.

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