Electric-two-wheeler company Spiro has secured 50 million US dollars in new financing to expand its battery swapping network across Africa. The funding includes support from the African Export-Import Bank (Afreximbank) and clean energy financier Nithio. According to the company, demand for electric motorcycles and battery services is increasing rapidly in several African markets. The capital will be used to scale vehicle deployment, battery assets, and swapping stations.
Standardized exchange system
Spiro operates a standardized battery swapping system that allows riders to exchange depleted batteries for fully charged ones within minutes. This model addresses key challenges in many African markets, including limited charging infrastructure, high vehicle utilization rates, and cost sensitivity in commercial transport. Electric motorcycles are widely used for passenger and delivery services in urban centers across the continent, making the segment particularly suitable for rapid electrification. Africa is emerging as a strategically important region for global electrification. In many countries, two- and three-wheelers dominate urban mobility, meaning that electrifying this segment can deliver immediate economic and environmental benefits. At the same time, several African nations hold significant reserves of battery-critical raw materials such as cobalt, lithium, manganese, and graphite.
Industrial and economic relevance
The expansion of battery swapping infrastructure has the potential to stimulate local industrial ecosystems, including vehicle assembly, battery servicing, digital fleet management, and potentially regional battery assembly operations. International financial institutions increasingly view electrified two-wheeler ecosystems as scalable climate and industrial development platforms capable of generating employment and supporting decarbonization.
Source:
Spiro
