SPIRO, a leading company in Africa’s electric mobility sector, has announced that it has secured $215 million in capital investment to significantly scale up its electric motorcycle distribution and battery-swapping infrastructure across the continent. This massive financial boost represents a major milestone in the company’s strategic plan to expand into new African markets, particularly Ethiopia and the Democratic Republic of Congo (DRC). This equity investment was secured through a fundraising round backed by institutional investors, including Impact Fund Denmark and Equitane.
The acquired funds will be utilized to widely construct modern and fast smart-swap stations, enhance motorcycle manufacturing and assembly capacity, and further develop the company’s technology network.
Spiro currently operates successfully in seven African countries, namely Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, and Cameroon. Across these nations, the company has deployed 100,000 electric vehicles and built over 2,500 smart battery-swapping stations. Gagan Gupta, the founder of the company, stated that Spiro’s work across these seven countries has turned sustainable transportation options into an “affordable and everyday reality” on the continent. He added that this new investment provides great momentum for the company’s upcoming journey into Ethiopia and the DRC.
The launch of this project in Ethiopia is expected to bring numerous economic and environmental benefits to the transport sector and consumers alike. According to the company’s data, these electric motorcycles can reduce riders’ daily operational costs by up to 40%—saving an average of about $2 per day—compared to petrol-powered engines. This offers significant financial relief to riders struggling with rising fuel prices.
Furthermore, a lifecycle assessment study conducted in Kenya revealed that Spiro’s motorcycles reduce climate impact by 72% against traditional fossil-fuel alternatives. This avoids approximately 19 tonnes of carbon dioxide (CO2) emissions over a single vehicle’s lifespan. The study also recorded an 80% reduction in ozone depletion potential and a 20% cut in harmful particulate matter emissions.
To strengthen its reach in Africa, Spiro has already established manufacturing and assembly facilities in Kenya, Rwanda, and Germany, alongside a battery recycling facility in Nigeria. Looking ahead, the company is working on technological advancements to transition its swap stations to solar power and implement second-life battery storage systems.
Lars Bo Bertram, CEO of Impact Fund Denmark, explained that their decision to invest was driven not only by Spiro’s high commercial growth potential but also by the “measurable climate impact” the company is delivering across Africa. The launch of this project in Ethiopia is highly believed to support the country’s ongoing journey toward green development and renewable energy.
