African EV platform Spiro secures $215m investment to expand electric mobility infrastructure across Africa
Business
AFRICAN electric vehicle (EV) platform Spiro has secured a 215 million dollar equity investment to accelerate the expansion of its electric mobility and battery-swapping infrastructure across the continent.
The company said the investment round was backed by major institutional investors, including Impact Fund Denmark and Equitane.
According to Spiro, the funding will support the expansion of its battery-swapping network, strengthen its manufacturing and assembly operations, accelerate technology development and facilitate entry into new African markets.
The company said the investment reflected growing global confidence in scalable infrastructure-led business models supporting Africa’s energy transition and urban mobility needs.
Spiro currently operates in seven African countries – Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon – and plans to expand into additional markets, including the Democratic Republic of Congo and Ethiopia.
The company said it had moved beyond the proof-of-concept stage after years of optimising its product portfolio, technology systems and energy ecosystem.
As African countries seek to reduce dependence on imported fossil fuels, strengthen industrial capacity and modernise transportation systems, electric mobility infrastructure is attracting increased investor interest, the company noted.
Spiro said its electric vehicles offer riders significant cost savings, reducing daily transportation expenses by up to 40 per cent compared with conventional motorcycles powered by fossil fuels.
According to the company, riders can save up to two dollars daily through the use of its electric motorcycles and battery-swapping services.
The company also highlighted environmental benefits from its operations.
It cited a third-party lifecycle assessment conducted in Kenya, which found that Spiro’s electric motorcycles reduce climate impact by 72 per cent compared with fossil-fuel alternatives.
The assessment estimated that each vehicle could prevent approximately 19 tonnes of carbon dioxide emissions over its operational lifespan.
The study also reported an 80 per cent reduction in ozone depletion potential and a 20 per cent reduction in particulate matter emissions, contributing to improved urban air quality.
Spiro said it had deployed more than 100,000 electric vehicles and established 2,500 battery-swapping stations across its operational markets.
Its industrial footprint includes manufacturing facilities in Kenya, Rwanda and Uganda, as well as a battery recycling facility in Nigeria.
The company noted that its operations have generated about 6,000 direct and indirect jobs across Africa.
Founder of Spiro and Chairman of Equitane, Mr Gagan Gupta, described the investment as a major milestone in the company’s growth strategy.
“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.
“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,” Gupta said.
Chief Executive Officer of Impact Fund Denmark, Mr Lars Bo Bertram, said the investment aligned with the fund’s objective of supporting commercially viable projects with measurable climate benefits.
“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.
“That is exactly the type of investment we want to make,” Bertram said.
Spiro said its technology platform is supported by more than 150 engineers and over 30 proprietary patents.
The company added that it was expanding beyond transportation into clean-energy infrastructure through innovations such as solar-powered battery-swapping stations and second-life battery storage systems designed to support renewable energy deployment across Africa.
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Tags: African EVplatform Electric Mobility Spiro