Spiro Raises $215 Million to Expand Battery-Swapping Network Across Africa

Electric mobility company Spiro has secured $215 million in fresh equity financing, providing one of the largest capital injections seen in Africa’s electric transport sector as investors back battery-swapping networks, vehicle assembly and energy infrastructure across the continent.

The funding round brings together existing and new institutional investors, including Impact Fund Denmark and Equitane. The company said the capital will be used to expand operations in current markets, add new countries, increase manufacturing capacity and develop additional energy-related technologies.

The investment comes as transport operators across Africa face persistent pressure from fuel costs, creating demand for lower-cost alternatives in the motorcycle taxi sector that supports millions of livelihoods across urban and rural markets.

Rather than focusing solely on vehicle sales, Spiro has built its business around a battery-swapping network that allows riders to exchange depleted batteries for charged units within minutes. The model is designed to reduce downtime while lowering operating costs for commercial riders who rely on motorcycles as their primary source of income.

The latest financing follows another major capital raise announced in October 2025, when Spiro disclosed a $100 million investment led by the Fund for Export Development in Africa (FEDA), the development finance arm of Afreximbank. The new round adds to a series of investments that have helped finance the company’s expansion across multiple African markets.

That growth is reflected in the scale of its network. When Spiro announced the FEDA-backed investment last year, the company reported operating more than 60,000 electric motorcycles and about 1,500 battery-swapping stations. Spiro now says its footprint has expanded to more than 100,000 electric motorcycles supported by over 2,500 swapping stations across seven countries.

The company currently operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon. It plans to deepen operations in existing markets while preparing for expansion into additional countries, including Ethiopia and the Democratic Republic of the Congo.

Alongside network growth, Spiro has continued investing in local manufacturing. Its industrial footprint now includes production facilities in Kenya, Rwanda and Uganda, as well as a battery recycling facility in Nigeria. The company says the new funding will support further expansion of production capacity and technology development.

According to Spiro, more than 30 million battery swaps have been completed through its network to date. The company says riders using its electric motorcycles can reduce mobility costs by up to 40% compared with conventional fuel-powered models.

Investor interest in electric mobility across Africa has increasingly centered on infrastructure businesses that combine transport services with energy networks. Battery-swapping platforms have attracted attention from development finance institutions and climate-focused investors seeking commercially scalable models tied to urban mobility and energy transition goals.

Impact Fund Denmark said its investment reflects confidence in both the commercial potential of electric mobility and its environmental benefits. The fund has expanded its presence in climate-linked projects across emerging markets in recent years.

Spiro is also developing energy-storage applications that extend beyond transportation. The company is investing in battery technologies that can support renewable energy systems and stationary storage, broadening its activities beyond vehicle deployment alone.

With fresh capital secured, the company’s next phase will focus on expanding infrastructure, increasing production and entering new markets. The pace of that expansion is expected to test whether battery-swapping networks can scale across a wider range of African transport systems while maintaining affordability for riders and sustainable returns for investors.

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