Electric mobility firm Spiro has raised $7 million (Sh903 million) in debt financing to accelerate the rollout of its electric motorcycle fleet and battery-swapping infrastructure in Kenya and other African markets.
The funding was provided by Nithio through its Facility for Adaptation, Inclusion and Resilience (FAIR) fund, which supports companies delivering household and productive energy solutions. The financing will also bolster Spiro’s working capital position as it pushes for aggressive growth.
Expansion of Battery-Swapping Network
Spiro’s Deputy Country Head for Kenya, Raymond Kitunga, said the company plans to significantly scale up its battery-swapping stations, dealer network, and after-sales services.
Currently operating 40 dealerships nationwide, the firm aims to grow this footprint to 100 by the end of the year. Spiro is active in 30 counties and targets expansion into all 47 counties by the end of 2026.
Founded in 2022 and backed by Dubai-based investment firm Equitane, Spiro is headquartered in Dubai, with Nairobi serving as its main operational hub. The company describes itself as Africa’s largest electric mobility company, running electric two-wheeler assembly plants and battery-swapping networks.
Regional Footprint and Production Capacity
Beyond Kenya, Spiro operates in Togo, Benin, Rwanda, Uganda, and Nigeria. It reports having more than 80,000 electric motorcycles in circulation and over 2,500 battery-swapping stations across its markets.
Most of the bikes are used by commercial motorcycle taxi operators — commonly known as boda bodas — with the company estimating operating costs to be at least 30 percent lower than petrol-powered alternatives.
Spiro runs four assembly plants in Uganda, Kenya, Nigeria, and Rwanda. The motorcycles are assembled locally from knockdown kits imported from China, with some components sourced from India.
According to Kitunga, the Kenyan facility has an annual production capacity of up to 50,000 units, with roughly 30 percent of each motorcycle’s value sourced locally.
Backed by Major Climate Investors
Last year, Spiro raised $100 million (Sh12.9 billion) in what it described as Africa’s largest capital raise in the electric mobility sector. The funding round was led by the Fund for Export Development in Africa, the development arm of Afreximbank.
Nithio operates in Kenya, Nigeria, and the United States, running a blended-finance platform that combines commercial, development, and philanthropic capital. Its backers include the Shell Foundation, Rockefeller Foundation, FSD Africa, and The Rise Fund.
In Kenya, Nithio has previously financed clean energy companies such as SunCulture, d.light, M-KOPA, and Sun King.
