Africa’s largest electric mobility company, Spiro, has secured a landmark $215 million equity investment to accelerate the expansion of electric vehicle (EV) infrastructure, battery-swapping networks and clean energy solutions across Nigeria and six other African countries.
The funding round was backed by major institutional investors, including Impact Fund Denmark and Equitane, reflecting growing international confidence in Africa’s emerging electric mobility sector.
The investment comes as African countries increasingly seek alternatives to costly imported fuel, while pursuing cleaner transportation systems and stronger industrial development.
Read also: Spiro expands electric mobility in Ogun with 1,000 bikes
Spiro, which currently operates in Nigeria, Kenya, Rwanda, Uganda, Togo, Benin and Cameroon, said the fresh capital would support the expansion of its battery-swapping stations, manufacturing and assembly operations, technology development, and entry into new markets such as the Democratic Republic of Congo and Ethiopia.
The company said it has moved beyond the proof-of-concept stage after years of refining its products, technology and energy ecosystem, positioning itself for a new phase of rapid growth across the continent.
According to the company, rising fuel prices, growing demand for affordable transportation and increasing support for clean energy policies have made electric mobility one of Africa’s most attractive infrastructure investment opportunities.
Spiro disclosed that riders using its electric motorcycles can cut daily transportation costs by as much as 40 percent, saving up to $2 per day compared with conventional fuel-powered motorcycles.
The company also highlighted the environmental benefits of its operations. A recent independent lifecycle assessment conducted in Kenya found that Spiro’s electric motorcycles reduce climate impact by 72 percent compared to fossil-fuel motorcycles. The study estimated that each vehicle could prevent about 19 tonnes of carbon dioxide emissions over its operational lifespan.
Additional findings showed an 80 percent reduction in ozone depletion potential and a 20 percent decrease in particulate matter emissions, indicating significant benefits for air quality and public health in African cities.
Spiro currently operates more than 100,000 electric motorcycles and over 2,500 battery-swapping stations across Africa. The company has also completed more than 30 million battery swaps since launching operations.
Its industrial footprint includes manufacturing plants in Kenya, Rwanda and Uganda, as well as a battery recycling facility in Nigeria.
Speaking on the development, Gagan Gupta, Spiro founder and chairman of Equitane, described the investment as a major milestone in the company’s growth journey.
He said Spiro’s deployment of 100,000 electric vehicles and 2,500 smart battery-swapping stations across seven markets has helped make sustainable transportation affordable and accessible to thousands of riders.
Gupta noted that the company has also contributed to local industrialisation and job creation, generating about 6,000 direct and indirect sustainable jobs across its markets.
“Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent,” he said.
Read also: Spiro secures $50m debt to deepen Africa’s battery-swap grid across 8 markets
Also commenting, Lars Bo Bertram, chief executive officer of Impact Fund Denmark, , said the fund was investing in Spiro because of its strong commercial potential and measurable environmental impact.
“We are bringing Danish pension capital into one of Africa’s most promising growth markets because we see significant growth opportunities in electric mobility across Africa, alongside meaningful climate impact,” Bertram said.
Beyond transportation, Spiro said it is expanding into distributed clean-energy services through solar-powered battery-swapping stations, smart Internet-of-Things-enabled infrastructure and battery storage solutions that support renewable energy adoption.
The company said its technology ecosystem is supported by more than 150 engineers and over 30 proprietary patents, positioning it as one of Africa’s most advanced clean mobility platforms.
Industry analysts view the latest funding as one of the largest investments in Africa’s electric mobility sector and a strong signal that global investors are increasingly backing infrastructure-led clean energy businesses capable of supporting the continent’s growing urban populations and transportation needs.
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