Spiro secures US$ 215mln to expand electric mobility infrastructure across Africa

KAMPALA, May 2, 2026 — Africa’s largest electric vehicle [EV] company Spiro has raised US$ 215 million [about Shs 817,000,000 billion] in fresh equity financing to accelerate the expansion of its electric mobility and battery-swapping infrastructure across the continent.

The investment, which builds on backing from existing institutional partners including the Fund for Export Development in Africa [FEDA], attracted investors from Europe and Africa, underscoring growing international confidence in infrastructure-focused business models in emerging markets.

Spiro said the funding would be used to expand its battery-swapping network, strengthen its manufacturing and assembly operations, advance technology development and support entry into new African markets.

The company, which operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon, is planning further expansion into the Democratic Republic of the Congo and Ethiopia as demand for affordable and sustainable transport solutions increases across the continent.

The fundraising comes amid rising investor interest in Africa’s electric mobility sector, driven by escalating fuel costs, urban population growth and increasing government support for clean energy initiatives.

According to Spiro, riders using its electric motorcycles can reduce daily transport costs by as much as 40 per cent, generating savings of up to US$2 per day compared with conventional petrol-powered motorcycles.

The company also highlighted findings from a third-party verified lifecycle assessment conducted in Kenya, which showed that Spiro’s electric motorcycles reduce climate impact by 72 per cent compared with fossil-fuel alternatives. The study estimated that each vehicle could prevent approximately 19 tonnes of carbon dioxide emissions over its operational lifespan.

Researchers also found an 80 per cent reduction in ozone depletion potential and a 20 per cent decline in particulate matter emissions, suggesting electric mobility could contribute to improved air quality in rapidly growing African cities.

Spiro has developed one of the continent’s largest EV and battery-swapping networks, supported by manufacturing facilities in Kenya, Rwanda and Uganda, as well as a battery recycling plant in Nigeria.

The company said its technology platform is backed by more than 150 engineers and over 30 proprietary patents. It is also expanding into renewable energy solutions through solar-powered battery-swapping stations and battery storage applications.

Gagan Gupta, founder of Spiro and chairman of Equitane, said the company had reached a significant milestone in its growth strategy.

“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,” Gupta said.

He added that the company had helped create 6,000 direct and indirect jobs across its operating markets and was now positioned to expand access to clean transport and energy solutions for millions more riders.

Lars Bo Bertram, chief executive of Impact Fund Denmark, said the investment reflected confidence in both the company’s growth prospects and the broader electric mobility sector in Africa.

“We see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact,” Bertram said. “That is exactly the type of investment we want to make.”

The latest funding round is expected to strengthen Spiro’s position in Africa’s emerging electric transport sector as governments and businesses seek to reduce reliance on imported fossil fuels and accelerate the transition to cleaner energy systems.

https://thecooperator.news/museveni-commissions-spiro-electric-motorbikes-in-uganda/

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