Africa’s electric-mobility market is attracting larger pools of capital as Spiro expands its battery-swapping network and electric motorcycle fleet across the continent.
African electric-mobility company Spiro has secured an additional $18 million in debt financing from the Africa Go Green Fund (AGG), doubling the fund’s total financing commitment to the company to $36 million.
The latest facility will finance the deployment of more electric motorcycles and the expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda, strengthening the company’s push to scale electric transport in East Africa.
The financing comes less than a year after AGG committed its initial $18 million to Spiro in December 2025. AGG is a climate-focused debt fund managed by Cygnum Capital.
As of September 2026, Spiro had deployed more than 135,000 electric motorcycles and recorded more than 50 million battery swaps across its markets, according to details of the latest financing.
Battery swapping becomes central to Africa’s electric-mobility model
Spiro’s business extends beyond manufacturing and selling electric motorcycles.
The company operates an integrated system in which riders can exchange depleted batteries for charged ones at dedicated swap stations. The model is intended to address one of the practical constraints facing electric motorcycles in African cities: the time and infrastructure required to recharge batteries.
Spiro’s expansion comes as electric motorcycles gain a larger foothold in markets where motorcycles are widely used for passenger transport, deliveries and small-business activity.
The company currently operates in Kenya, Uganda, Rwanda, Nigeria, Benin, Togo and Cameroon, according to its latest funding disclosures.
The latest AGG financing is therefore focused not only on putting more motorcycles on African roads, but also on expanding the infrastructure needed to keep those vehicles operating.
Funding has accelerated sharply
The new financing adds to a series of large capital raises secured by Spiro over the past year.
In October 2025, Spiro announced a $100 million investment round, which the company described at the time as the largest investment in Africa’s two-wheel electric-mobility sector. The round included $75 million from the Fund for Export Development in Africa, the development investment arm of Afreximbank.
Four months later, in February 2026, Spiro announced $50 million in debt financing from Afreximbank, Nithio and AGG. At that point, the company said it had deployed more than 80,000 electric motorcycles, operated more than 2,500 battery-swapping stations and completed over 30 million battery swaps.
In June, Spiro raised a further $215 million in equity financing backed by institutional investors including Impact Fund Denmark and Equitane. The funds were earmarked for expanding battery-swapping infrastructure, manufacturing and assembly capacity, technology development and entry into additional African markets.
