Spiro Secures $50 Million in Debt Funding to Expand African EV Battery-Swapping Network

NAIROBI — Spiro has announced the closing of a $50 million debt funding round to scale its electric vehicle (EV) battery-swapping network across Africa. The financing, provided by Afreximbank alongside new investors Nithio and the Africa Go Green Fund (managed by Cygnum Capital), follows Spiro's landmark $100 million investment in October 2025.

The new capital is earmarked for the continued expansion of Spiro's industry-leading battery-swapping infrastructure into both existing and new African markets. Additionally, the funds will advance the company’s proprietary technology platform, focusing on automated battery swaps, fast charging, and the integration of renewable energy sources.

“Demand for Spiro’s innovative, industry-leading battery swapping infrastructure continues to grow and is reshaping mobility in Africa by providing reliable, clean transportation options across the continent,” said Kaushik Burman, CEO of Spiro. “This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans.”

Currently operational in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo—with pilots underway in Cameroon and Tanzania—Spiro has emerged as a dominant force in the pan-African e-mobility sector. To date, the company has deployed over 80,000 electric motorcycles, circulated more than 300,000 batteries, and completed over 30 million battery swaps across its 2,500-plus stations, enabling over one billion carbon-free kilometers traveled.

“Spiro’s growth exemplifies the power of Made-in-Africa, for-Africa solutions,” added Gagan Gupta, Founder of Spiro. “By combining local insights with global best practices, we are creating a resilient, green energy ecosystem that supports economic development and climate goals.”

The investor syndicate brings significant climate finance and trade development expertise to Spiro's growth strategy. Laurène Aigrain, Managing Director of the Africa Go Green Fund, highlighted Spiro’s ability to combine commercial robustness with measurable environmental and social impact. Similarly, Raghav Sachdeva, CIO of Nithio, emphasized that Spiro has proven that e-mobility can scale rapidly while delivering tangible economic value and emissions reductions.

“Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent,” concluded Oluranti Doherty, MD of Export Development at Afreximbank. “By supporting Spiro, Afreximbank is committed to financing the future of sustainable African trade.”

Learn More at: https://www.spironet.com/news/spiro-raises-50-million-as-demand-surges-across-africa