Spiro, a pan-African electric mobility operator, has secured $50 million in debt financing from African Export-Import Bank, U.S.-based climate fintech platform Nithio and the Africa Go Green Fund to expand its battery-swapping network across the continent, underscoring growing institutional confidence in electric transport infrastructure in Africa.
The financing, announced in Nairobi on Monday, will be used to scale battery-swapping stations in existing markets and enter new ones, while advancing automated swapping systems, fast-charging technology and integration with renewable power. The transaction comes amid a broader uptick in climate-aligned capital targeting Africa’s two- and three-wheeler segments, where motorcycles dominate urban transport and last-mile logistics.
Spiro operates in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with trials underway in Cameroon and Tanzania. According to the company, it has deployed more than 80,000 electric motorcycles, circulated over 300,000 batteries and completed 30 million battery swaps through a network of more than 2,500 stations. Riders have logged more than one billion kilometres using its electric fleet, replacing petrol-powered bikes that form the backbone of informal urban transport systems.
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The deal follows other recent commitments to the sector. Arc Ride received a $5 million equity investment from the International Finance Corporation, while Ugandan start-up Gogo Electric raised $1 million from ElectriFI, an EU-backed electrification facility managed by EDFI. The clustering of transactions suggests that development finance institutions and climate-focused investors increasingly view electric mobility not only as a decarbonisation tool but as an infrastructure and industrial platform.
In much of sub-Saharan Africa, motorcycles account for a significant share of daily commuter trips and delivery services. In cities such as Nairobi and Kigali, they are often the most accessible form of transport for lower-income households. Fuel costs can account for up to 40% of a rider’s operating expenses, according to industry estimates. Battery swapping, which separates vehicle ownership from battery ownership and allows riders to exchange depleted batteries for charged ones in minutes, is designed to reduce upfront costs and limit downtime.
For African governments facing constrained fiscal space and high fuel import bills, electrification of motorcycle fleets carries macroeconomic implications. Reduced petrol consumption can ease pressure on foreign exchange reserves, while local assembly of vehicles and batteries can support industrial policy objectives.
Spiro has previously raised more than $230 million since 2022 to finance production and assembly facilities in Nigeria, Kenya, Uganda and Rwanda, aligning with national strategies to localise manufacturing and create jobs.
Development financiers have framed their participation in the latest round as part of a broader clean energy and industrialisation agenda. Afreximbank, whose mandate centres on boosting intra-African trade and industrial capacity, has positioned electric mobility as a lever for building regional value chains in batteries and vehicle components. Climate-focused lenders such as Nithio structure debt facilities tied to verified energy and emissions metrics, reflecting a shift towards performance-linked financing in African markets.
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The commercial model, however, depends on infrastructure density, grid reliability and regulatory clarity. Battery-swapping networks require significant upfront capital expenditure in stations, inventory and software systems. Grid constraints in some markets may necessitate hybrid solutions, including solar-powered charging hubs, to ensure consistent supply. According to regional energy regulators, electricity tariffs and licensing regimes will play a critical role in determining long-term viability.
For African cities grappling with congestion and air pollution, the shift to electric two-wheelers also intersects with urban planning and public health. Tailpipe emissions from petrol motorcycles contribute to particulate pollution, with associated health costs borne by households and public health systems.
While electric fleets do not eliminate upstream emissions where grids remain fossil fuel-heavy, they create a pathway for gradual decarbonisation as power generation mixes evolve.
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