- Leading scaled enterpriseSpiro completes milestone$215 million financing round, with investors includingImpact Fund Denmark andEquitane.
- Spiro now operates in7 of Africa’s fastest-growing cities. This investment will support the expansion of its battery-swapping network in high-growth African markets, deepen industrial presence, and advance next-generation electric vehicle infrastructure, positioningSpiro as Africa’s leading clean infrastructure platform.
- As African nations reduce reliance on imported fuels, strengthen energy and industrial autonomy, and modernize urban transport systems, global investors are increasingly focusing on scalable electric vehicle infrastructure platforms.
Driving the scaled development of Africa’s next-generation mobility and energy ecosystem
Dubai, UAEJune 2, 2026 /PRNewswire/ — Spiro announced the completion of a $215 million financing round to accelerate the deployment of electric mobility and battery-swapping infrastructure across Africa. Supported by long-term partners such as the African Export-Import Bank’s Fund for Export Development in Africa (FEDA), this equity round attracted international capital from Europe and Africa, underscoring growing global investor confidence in scalable, infrastructure-driven business models in emerging markets.
Spiro battery swapping station Jinja
After years of optimizing its product portfolio, core technology, and energy ecosystem, Spiro has moved beyond the proof-of-concept stage and is poised to embark on a new chapter of pan-African expansion. This investment will support Spiro in expanding its battery-swapping network, strengthening industrial and assembly operations, accelerating technology R&D, and entering more high-growth African markets.
Global investors support Africa’s rapidly growing mobility and energy transition
As Africa’s urban populations grow and mobility demand continues to rise, electric vehicle and battery-swapping ecosystems are rapidly becoming one of the most promising infrastructure and energy investment opportunities on the continent.
Reducing reliance on imported fuels, strengthening energy and industrial autonomy, and modernizing urban transport systems have become strategic priorities for African nations, making electric vehicle infrastructure a key pillar for enhancing economic resilience and driving industrial development.
Driven by rising fuel costs, increasing demand for affordable mobility, and sustained clean energy policies, investors are strongly backing scalable electric vehicle platforms to support Africa’s next phase of urbanization and industrial growth.
For riders, the economic benefits are immediate—compared to fuel-powered motorcycles, riding aSpiro electric vehicle can reduce daily travel costs by up to40%, saving as much as$2 per day.
Recently, Spiro completed a third-party verified lifecycle assessment for its Kenya operations. The results show that deploying electric vehicle infrastructure in African cities yields significant environmental benefits:
- Compared to fuel-powered motorcycles,Spiro electric motorcycles reduce climate impact by72%, equivalent to reducing approximately 19 tons of CO2 emissions per vehicle over its lifespan.
- The study also found a80% reduction in ozone depletion potential and a20% reduction in particulate matter emissions, demonstrating the important role of electric mobility in improving urban air quality and reducing public health risks in rapidly developing cities.
Scaling Africa’s mobility transformation
Currently, Spiro operates in seven African markets: Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon. The company plans to further expand local production capacity and enter new markets such as the Democratic Republic of Congo and Ethiopia, aiming to build Africa’s leading electric vehicle and battery-swapping ecosystem.
In terms of industrial presence, Spiro has flagship manufacturing facilities in Kenya, Rwanda, and Uganda, as well as an advanced battery recycling facility in Nigeria. With localized vehicle design, affordable battery-swapping infrastructure, and an integrated maintenance ecosystem, Spiro is driving the scaled commercial deployment of electric mobility in Africa, delivering tangible benefits to millions of African riders.
Leveraging its R&D center, over 150 engineers, and more than 30 proprietary patents, Spiro’s technology platform continues to innovate. The company is actively expanding its business from urban mobility to distributed clean energy utility networks, helping countries achieve renewable energy goals and reduce dependence on imported fossil fuels. Its innovations include IoT-enabled solar-powered battery-swapping stations and battery second-life solutions for stationary renewable energy storage.
Investor commentary
“Over the past year,Spiro has achieved milestone accomplishments. Across seven active markets, we have successfully deployed100,000 electric vehicles and2,500 smart battery-swapping stations, making sustainable mobility a tangible daily reality. At the same time,Spiro has created6,000 direct and indirect jobs, becoming a key driver of local industrialization, value creation, and manufacturing in Africa. With the support of global investors, we are entering a new phase of growth, providing clean, cost-effective energy and transportation solutions to millions of African riders.“ saidGagan Gupta, Founder ofSpiro and Chairman ofEquitane.
“We invested inSpiro and channeled Danish pension capital into one of Africa’s most promising growth markets because we see significant commercial growth potential and tangible, measurable climate benefits inSpiro and the broader African electric mobility sector. This is exactly the type of investment we want to support.“ saidLars Bo Bertram, CEO ofImpact Fund Denmark.
Spiro Plant Women
Spiro – Equitane – Impact Fund Denmark logos