Spiro, the leading two-wheel electric mobility in Africa, has cemented its position at the forefront of the continent’s clean energy transition by announcing a landmark $100 million (about Shs348.7 Bn) investment round from Afreximbank.
This funding, the largest ever for African two-wheel electric mobility, underscores a crucial starting point where sustainable transportation becomes a better, more profitable choice for the African mass market.
The investment, which includes a significant $75 million commitment from The Fund for Export Development in Africa (FEDA), the investment arm of Afreximbank, is a powerful endorsement of Spiro’s vision to transform Africa’s clean energy and urban transport sectors through its innovative battery-swapping ecosystem.
“Spiro’s success to date is a clear demonstration of the strength and scalability of its business model,” said Marlene Ngoyi, CEO of FEDA, adding, “The company’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa. With its integrated approach, Spiro has built a platform that is both commercially viable and socially impactful.”
New Economics of Clean Mobility
Spiro’s success lies in turning a climate threat into a financial advantage for the masses. According to CEO Kaushik Burman, “…riders are rapidly shifting from polluting, expensive internal combustion motorcycles (ICE) because the electric alternative performs better, costs less to operate, and offers greater profitability than traditional gas-powered vehicles.” The battery-swapping model, he notes, is the cornerstone of this economic shift.
Burman contends that by removing the long wait times of traditional charging, Spiro eliminates vehicle downtime, a critical factor for commercial motorcycle taxi riders (known as boda-bodas or okadas in Africa) whose livelihoods depend on continuous operation.
He explained that the Spiro motorcycles come with unique features that differentiate them from others, which include;
Cost Savings: The electric motorcycles are often cheaper to purchase upfront, and riders benefit from lower operating costs at swap stations compared to expensive imported fossil fuels.
Performance: Electric bikes offer superior performance, which is a major win for commercial riders.
This clear commercial viability, paired with accessibility and affordability, is the engine driving the rapid adoption of clean energy mobility across Africa.
Scaling the Pan-African Clean Energy Grid
The $100 million capital injection will be aggressively channelled into scaling Spiro’s infrastructure across Africa. The core strategy revolves around two major pillars:
Expansion of Battery-Swapping Infrastructure
The funding, Burman stresses, will expand its industry-leading network of battery-swapping stations across its existing six commercial markets in Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, and into new pilot territories like Tanzania and Cameroon. The company aims to surpass 100,000 deployed vehicles by the end of 2025, which will solidify its place as a global leader in battery-swapping.
Renewable Energy Integration
As Spiro Founder Gagan Gupta stated, the company plans to integrate renewable energy sources into its energy mix at the battery swapping stations. This strategy fundamentally transforms the company from a simple mobility provider into a key player in Africa’s energy storage and distribution landscape, creating a truly clean and sustainable loop for power and transport.
Catalyst for Intra-African Trade
The partnership with Afreximbank and FEDA highlights that this initiative is not just about clean air but about economic sovereignty and development.
Professor Benedict Oramah, President of Afreximbank, noted that the investment is laying the groundwork for a new era of intra-African trade and industrialisation by:
Stimulating Local Vehicle Manufacturing
As Prof. Oramah reiterated, “Spiro is committed to creating solutions that are made in Africa, by Africans for Africa and the world,” thereby reducing the continent’s reliance on importing second-hand fossil-fuel vehicles.
Creating Skilled Employment
The company’s growth generates opportunities in manufacturing, logistics, and servicing of the new EV ecosystem, which in turn employs millions of youth across Africa.
Strengthening Regional Integration
As a Pan-African infrastructure, Spiro facilitates seamless cross-border activity and trade flows, which is ideal for advancing the objectives of the African Union.
Spiro’s integrated approach of combining advanced battery swapping with mass-market accessible motorcycles and a focus on renewable energy makes it both commercially viable and socially impactful, creating a powerful blueprint for the future of sustainable development across the continent.