Spiro has announced a US$215mn investment to accelerate the deployment of its electric mobility and battery-swapping infrastructure across Africa
Building on the support of long-standing institutional partners such as FEDA, its latest equity round draws capital from Europe and Africa, with investors such as Impact Fund Denmark and Equitane.
In a statement, Spiro said it confirmed growing global confidence in scalable infrastructure-led business models in Africa and other emerging markets.
The company added that it is looking to execute its next chapter of pan-African expansion.
“This investment will support the expansion of Spiro’s battery-swapping network, strengthen its industrial and assembly footprint, accelerate technology development and support the company’s entry into new high-growth African markets,” it noted.
With operations across seven African markets — Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, Cameroon — it now looking to further expand local production and enter new territories, including Ethiopia and the Democratic Republic of Congo (DRC).
“This past year marked a defining strategic milestone for Spiro,” said Gagan Gupta, founder of Spiro and chairman of Equitane, an investment platform committed to African long-term growth.
“Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality.”
Gupta also noted that Spiro has become a major driver of local industrialisation, value creation and manufacturing across African markets with 6,000 sustainable direct and indirect jobs.
Its industrial footprint includes manufacturing plants in Kenya, Rwanda and Uganda, alongside a state-of-the-art battery recycling facility in Nigeria.
“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.”
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Spiro keen to expand growing industrial footprint (Image source: Spiro)
