African Electric Vehicle Company Raises $50M to Expand Battery-Swap Network

Spiro, Africa's leading electric mobility company, has obtained $50 million in financing to grow its battery-swapping infrastructure across the continent. The funding comes from multiple international lenders as confidence builds in Africa's clean transportation sector.

NAIROBI, Kenya — Investment in electric vehicle infrastructure across Africa is gaining momentum as investors show increasing faith in battery-swapping technology and rapid charging solutions.

Africa’s leading electric mobility company, Spiro, has obtained $50 million in debt funding from the African Export-Import Bank (Afreximbank), U.S. climate finance company Nithio, and the Africa Go Green Fund to grow its battery-swapping infrastructure.

This funding announcement follows recent investments in other African electric mobility companies, including Arc Ride’s $5 million equity investment from the International Finance Corporation (IFC) and Gogo Electric’s $1 million funding from EU-backed ElectriFi last week, demonstrating rising institutional support for clean transportation in Africa.

According to Spiro, the new capital will help expand battery-swapping locations in current and future markets while developing advanced technology such as automated battery exchanges, rapid charging capabilities, and renewable energy systems.

“This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans,” said Kaushik Burman, CEO of Spiro.

The electric mobility firm currently operates across Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot programs underway in Cameroon and Tanzania. The company has rolled out more than 80,000 electric motorcycles, distributed over 300,000 batteries, facilitated 30 million battery exchanges, and built over 2,500 swap locations. Customers have traveled more than one billion carbon-neutral kilometers.

“We will use it to deploy energy infrastructure that will contribute meaningfully to a greener future in Africa,” said its founder, Gagan Gupta.

Development finance institutions view electric mobility as both an environmental solution and an opportunity for industrial growth across Africa.

“Spiro is one of the largest and fastest-growing players in the Pan-African e-mobility market. We see e-mobility as a critical pillar of Africa’s clean energy transition,” said Raghav Sachdeva, chief investment officer at Nithio.

Laurène Aigrain, managing director of Africa Go Green Fund, described the investment as reflecting the fund’s dedication to supporting financially sound businesses that merge innovation with quantifiable environmental and social benefits.

Representatives from Afreximbank positioned their investment as essential to Africa’s sustainable industrial development.

“Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent,” said Oluranti Doherty, managing director for export development.

Since 2022, Spiro has collected over $230 million in funding, supporting manufacturing and assembly operations throughout Nigeria, Kenya, Uganda, and Rwanda, demonstrating the wider movement of climate-focused investment into Africa’s electric mobility industry.