African EV Firm Spiro Raises $215M for Clean Transport

An African electric vehicle company is proving that clean transportation can be both affordable and practical, and it just landed $215 million to spread the solution even further.

Spiro, which operates battery-swapping networks for electric motorcycles across seven African countries, announced the major funding round Monday. The investment from European and African backers will help the company expand into new markets including Ethiopia and the Democratic Republic of Congo.

The company has already deployed 100,000 electric motorcycles and 2,500 smart-swap stations in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon. Riders using Spiro's electric bikes are saving up to $2 per day compared to gasoline motorcycles, cutting their daily transport costs by 40%.

That's a game changer in cities where motorcycles dominate urban transport and delivery services. For drivers who depend on their bikes for income, those savings add up to real financial relief.

Spiro founder Gagan Gupta says the company has turned sustainable mobility into an affordable, everyday reality. The next phase focuses on bringing these transport alternatives to millions more riders across the continent.

The funding will strengthen local manufacturing plants already operating in Kenya, Rwanda, and Uganda. Spiro also runs a battery recycling facility in Nigeria and is developing solar-powered battery-swapping stations and second-life battery storage systems.

The Ripple Effect

The expansion comes as African countries work to reduce dependence on imported fossil fuels while modernizing urban transportation. Rising fuel prices have made affordable mobility a pressing need, and Spiro's battery-swapping model solves two problems at once: it eliminates long charging times and reduces the upfront cost of electric vehicles.

Lars Bo Bertram, CEO of Denmark's Impact Fund, says the investment reflects growing confidence in Africa's electric mobility market. While the continent's EV sector remains smaller than China's or Europe's, analysts report it's expanding quickly as governments introduce cleaner transport policies and startups develop solutions tailored to local needs.

The success of Spiro's model shows that clean energy solutions don't have to come at the expense of affordability or convenience. By making electric transportation practical for everyday riders, the company is proving that environmental progress and economic opportunity can grow together.

Clean, affordable transportation is rolling out across Africa one electric motorcycle at a time.