{"id":11470,"date":"2026-06-02T04:02:49","date_gmt":"2026-06-02T04:02:49","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=11470"},"modified":"2026-06-02T04:02:49","modified_gmt":"2026-06-02T04:02:49","slug":"african-ev-firm-spiro-raises-215-million-for-electric-mobility-expansion","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=11470","title":{"rendered":"African EV firm Spiro raises $215 million for electric mobility expansion"},"content":{"rendered":"
\n

By ALLAN OLINGO<\/strong><\/p>\n

NAIROBI, Kenya (AP) \u2014 African electric vehicle firm Spiro has raised $215 million in equity financing to expand its battery-swapping and electric mobility infrastructure across Africa, the company said Monday.<\/p>\n

Read more Tens of thousands are making annual peony pilgrimage to University of Michigan\u2019s garden<\/a><\/p>\n

The investment round was backed by institutional investors in Europe and Africa, including Denmark\u2019s Impact Fund, underscoring growing interest in Africa\u2019s clean transport and energy sectors.<\/p>\n

\u201cThis past year marked a defining strategic milestone for Spiro,\u201d Gagan Gupta, founder of Spiro and chair of Equitane, said in a statement. \u201cAcross 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.\u201d<\/p>\n

Gupta said the company\u2019s next growth phase would focus on delivering transport alternatives to millions of riders across the continent.<\/p>\n

Spiro, which operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon, said the new funding will support the expansion of its battery-swapping network, strengthen local manufacturing and assembly operations, and accelerate its entry into new markets, including the Democratic Republic of Congo and Ethiopia.<\/p>\n

The company did not disclose the valuation tied to the investment round.<\/p>\n

The funding comes as African countries seek to reduce dependence on imported fossil fuels, improve energy security and modernize urban transportation as fuel prices rise and demand for affordable mobility grows.<\/p>\n

\n<\/div>\n

Lars Bo Bertram, CEO of Impact Fund Denmark, said the investment reflected confidence in Africa\u2019s electric mobility market.<\/p>\n

Read more How a Fontana detective solved a 40-year-old cold case with a Wingstop cup<\/a><\/p>\n

Electric motorcycles are emerging as a major growth segment in Africa, where two-wheelers dominate urban transport and delivery services in many cities.<\/p>\n

The firm operates manufacturing plants in Kenya, Rwanda and Uganda, as well as a battery recycling facility in Nigeria.<\/p>\n

Spiro said riders using its electric motorcycles can cut daily transport costs by up to 40%, saving as much as $2 per day compared with conventional gasoline-powered motorcycles.<\/p>\n

\n<\/div>\n

The company said it is also developing solar-powered battery-swapping stations and second-life battery storage systems.<\/p>\n

Africa\u2019s electric mobility market remains relatively small compared with China and Europe. Still, analysts say the sector is expanding quickly as governments introduce cleaner transport policies and startups develop business models tailored to local markets, including battery-swapping systems that reduce charging times and upfront vehicle costs.<\/p>\n

The Associated Press\u2019 climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP\u2019s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.<\/em><\/p>\n

Read more OC founder of green financial firm sentenced after defrauding investors of more than $248 million<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Spiro says it has deployed 100,000 electric vehicles and 2,500 swap stations, positioning itself as one of Africa\u2019s largest EV infrastructure platforms amid rising demand for affordable and cleaner urban transport.<\/p>\n","protected":false},"author":1,"featured_media":11469,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-11470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nAfrican EV firm Spiro raises $215 million for electric mobility expansion - Silicon Valley Moving Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/siliconvalleymovingpost.com\/?p=11470\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"African EV firm Spiro raises $215 million for electric mobility expansion - 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