Electric mobility company Spiro has secured US$50 million in debt financing to support its expansion across Africa, reinforcing investor confidence in the continent’s emerging battery swapping ecosystem.
The company, which began operations in Togo under the M Auto brand, obtained the financing from Afreximbank, Nithio and the Africa Go Green Fund. The transaction follows a US$100 million fundraising round completed in 2025, signaling sustained capital flows into Africa’s electric mobility sector.
Spiro’s business model centers on battery swapping for electric motorcycles, a structure designed to reduce upfront costs for riders while addressing infrastructure limitations. Customers purchase the motorcycle, but the company retains ownership of the batteries. Riders can exchange depleted batteries for fully charged units at dedicated swap stations in a matter of minutes, minimizing downtime and eliminating the need for home charging.
The battery swapping model is capital intensive, requiring significant investment in charging infrastructure, battery inventory and station deployment. The newly raised funds will be used to expand Spiro’s swap station network, scale operations across new markets and advance technology development, including automated battery swapping systems and deeper integration of renewable energy sources.
Spiro currently operates in six African countries, including Togo, and reports more than 80,000 electric motorcycles on the road. The company says its fleet has collectively traveled over one billion kilometers without direct emissions, underscoring its positioning within Africa’s clean transport transition.
Chief Executive Officer Kaushik Burman described the financing as a step toward building a scalable energy network tailored to African conditions. The company’s strategy aligns with broader regional efforts to reduce reliance on imported fossil fuels, lower urban air pollution and create new industrial value chains around green technology.
Lenders backing the deal view the transaction as evidence of sector maturation. Electric two wheelers have gained traction in several African markets, particularly where motorcycles are widely used for commercial transport, delivery services and ride hailing. The battery swapping approach is seen as particularly suited to high usage environments, where charging downtime can directly affect income generation.
Beyond environmental benefits, the expansion could stimulate local manufacturing and assembly activities. Spiro has already initiated assembly projects in parts of East and West Africa, including Togo. Scaling production and infrastructure deployment may contribute to job creation and industrial capability development within host countries.
Investor interest in electric mobility across Africa has grown as global climate finance flows increase and governments adopt cleaner transport policies. However, long term success will depend on operational efficiency, grid reliability, regulatory support and sustained consumer adoption.
With fresh capital secured, Spiro is positioning itself to consolidate its footprint in a rapidly evolving market. The company’s next phase will likely focus on deepening infrastructure density, improving battery technology and forging partnerships that anchor electric mobility within Africa’s broader energy transition framework.
