The debt facility was provided by the African Export-Import Bank (Afreximbank) alongside new strategic investors Nithio and the Africa Go Green Fund, managed by Cygnum Capital.

This fresh funding comes on the heels of a $100 million investment round announced in October 2025, the largest funding ever recorded in Africa’s electric mobility sector.

Spiro plans to deploy the new funds to grow its battery swap station network in existing markets and to enter new territories where demand for clean two-wheeler mobility is emerging.

The company is also investing in its proprietary technology stack, including automated battery swaps, high-speed charging, and renewable energy integration.

“Spiro has built a strong platform that is delivering tangible impact across multiple African markets,” said Laurène Aigrain, Managing Director of the Africa Go Green Fund.

“We are pleased to support the next phase of its growth as it scales critical clean mobility infrastructure. This transaction reflects our commitment to backing commercially robust businesses that combine innovation with measurable environmental and social impact.”

Raghav Sachdeva, Chief Investment Officer at Nithio, echoed that sentiment, emphasizing the strategic value of electric mobility in Africa’s energy transition.

“Spiro is one of the largest and fastest-growing players in the pan-African e-mobility market,” he said.

“They have demonstrated that electric mobility can scale rapidly while delivering real economic value to riders and meaningful emissions reductions. We are proud to support Spiro’s continued growth and see e-mobility as a critical pillar of Africa’s clean energy transition.”

Afreximbank’s backing is rooted in its broader agenda to support sustainable industrialization and green growth on the continent. Oluranti Doherty, Managing Director for Export Development at Afreximbank, said the bank views the development of electric mobility as integral to Africa’s future economic development and environmental goals.

“By supporting Spiro, Afreximbank is committed to financing the future of sustainable African trade,” she noted. “We are promoting a green industrial value chain that keeps innovation at the forefront of a just energy transition.”

Spiro operates in six African countries, Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, with pilot projects in Cameroon and Tanzania.

To date, the company has launched over 80,000 electric motorcycles, circulated more than 300,000 batteries, facilitated upwards of 30 million battery swaps, and established over 2,500 swap stations.

Riders using Spiro’s network have logged in excess of one billion kilometers of carbon-free travel.

The latest financing underscores the momentum in Africa’s e-mobility sector, where development financiers and climate-focused capital are increasingly backing scalable clean transport solutions that can reduce emissions, expand access to employment, and support broader sustainable development objectives.