Spiro raises $215 million to boost EV mobility in Africa
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.
African EV company Spiro has announced a USD 215 million investment round 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, Spiro’s latest equity round draws global capital from Europe and Africa, according to a media release.
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.
The company has operations across even African markets (Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, Cameroon) and further plans to expand local production and enter new markets such as DRC and Ethiopia, the media release said.
Spiro’s industrial footprint includes flagship manufacturing plants in Kenya, Rwanda and Uganda, alongside a state-of-the-art battery recycling facility in Nigeria.
“This past year marked a defining strategic milestone for Spiro. 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. Spiro has become a major driver of local industrialization, value creation and manufacturing across African markets with 6,000 sustainable direct and indirect jobs,” said Gagan Gupta, Founder of Spiro and Chairman of Equitane. “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.”
“We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact,” said Lars Bo Bertram, CEO of Impact Fund Denmark. “That is exactly the type of investment we want to make.”
