NAIROBI, Kenya — Financing for electric vehicle transport is ramping up in Africa as confidence rises in the potential for battery swapping, fast charging and other technologies.
Spiro, Africa’s largest electric mobility operator, has secured $50 million in debt financing from African Export-Import Bank (Afreximbank), U.S.-based climate fintech Nithio and the Africa Go Green Fund to expand its battery-swapping network.
The announcement comes days after Arc Ride, another e-mobility firm, received a $5 million equity commitment from the International Finance Corporation (IFC) signaling growing institutional confidence in Africa’s clean transport sector. Gogo Electric, a Ugandan e-bike start up also raised $1 million last week from ElectriFi, the EU-funded electrification financing funded by EDFI management firm.
Spiro said it will use the capital to extend its battery-swapping stations to existing and new markets while advancing technology including automated battery swaps, fast charging, and renewable energy integration.
“This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans,” said Kaushik Burman, CEO of Spiro.
The e-mobility compa