Spiro on Monday announced a US$215 million (approx. UGX 811.606 billion) 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, confirming growing global confidence in scalable infrastructure-led business models across emerging markets.
Following years of optimization across its product portfolio, technology, and energy ecosystem, Spiro has moved past the proof-of-concept phase and stands ready 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.
Lars Bo Bertram, CEO of Impact Fund Denmark, in a press statement said, “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. That is exactly the type of investment we want to make.”
Gagan Gupta, Founder of Spiro, noted that with the support from their global pool of investors, they are entering their next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across Africa.
With operations across 7 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, Spiro is building one of Africa’s most advanced EV and battery-swapping ecosystems.
Spiro’s industrial footprint includes flagship manufacturing plants in Kenya, Rwanda, and Uganda, alongside a state-of-the-art battery recycling facility in Nigeria. Combining locally adapted vehicle design, affordable battery-swapping infrastructure, and integrated maintenance ecosystems, Spiro is making electric mobility commercially viable at scale for African riders.
As Africa’s urban population and mobility needs continue to surge, EVs are rapidly emerging as one of the continent’s most promising infrastructure and energy investment opportunities.
Reducing dependence on imported fuel, strengthening energy and industrial sovereignty, and modernizing urban transport systems are becoming strategic priorities across the continent, positioning EV infrastructure as a key pillar of Africa’s economic resilience and industrial development.
Driven by rising fuel costs, increasing demand for affordable transportation, and growing policy support for clean energy solutions, investors are increasingly backing scalable EV platforms capable of supporting Africa’s next phase of urban and industrial growth.
Spiro is actively expanding beyond urban transport into a distributed clean-energy utility network that supports national renewable energy goals while reducing dependence on imported fossil fuels. Its innovations include IoT-enabled, solar-powered swap stations and secondary-life battery applications designed for stationary renewable energy storage.
Also read:Â Battery swapping vs. fast charging for electric motorcycles in Uganda
