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Financing for electric vehicle transport is ramping up in Africa as confidence rises in the potential for battery swapping, fast charging and other technologies.
Spiro, Africa’s largest electric mobility operator, has secured $50 million in debt financing from African Export-Import Bank (Afreximbank), U.S.-based climate fintech Nithio and the Africa Go Green Fund to expand its battery-swapping network.
The announcement comes days after Arc Ride, another e-mobility firm, received a $5 million equity commitment from the International Finance Corporation (IFC) signaling growing institutional confidence in Africa’s clean transport sector. Gogo Electric, a Ugandan e-bike start up also raised $1 million last week from ElectriFi, the EU-funded electrification financing funded by EDFI management firm.
Spiro said it will use the capital to extend its battery-swapping stations to existing and new markets while advancing technology including automated battery swaps, fast charging, and renewable energy integration.
“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 e-mobility company operates in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with trials in Cameroon and Tanzania. It has deployed over 80,000 electric motorcycles, circulated more than 300,000 batteries, completed 30 million battery swaps, and established more than 2,500 swap stations. Riders have logged over one billion carbon-free 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 financiers see electric mobility as both a climate solution and an industrialization opportunity in 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 said the transaction reflects the funds commitment to backing commercially robust businesses that combine innovation with measurable environmental and social impact.
Afreximbank officials framed their backing as central to Africa’s sustainable industrialization.
“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 raised more than $230 million, financing production and assembly facilities across Nigeria, Kenya, Uganda, and Rwanda, a reflection of the broader trend of climate-focused capital flowing into Africa’s e-mobility sector.
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The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
