Spiro, a company specializing in rent-to-own electric motorcycles, has raised US$7 million in debt financing from Nithio, a US-based climate-focused investor, the company announced Wednesday.
The funding will support the accelerated rollout of electric bikes and the development of associated battery infrastructure, including swapping stations, across multiple African markets. Spiro aims to expand access to sustainable, affordable transportation while building the ecosystem necessary to support electric vehicle adoption on the continent.
This investment underscores growing interest from climate-focused investors in Africa’s clean mobility and renewable energy sectors, where electrification of transport is seen as a key avenue to reduce emissions and provide reliable, low-cost mobility solutions.
Spiro’s rent-to-own model allows riders to gradually acquire electric motorcycles while benefiting from reduced operating costs compared with traditional petrol-powered bikes. The company plans to leverage the new capital to scale its fleet, expand service coverage, and enhance battery swapping and charging infrastructure, critical for making electric motorcycles viable in urban and peri-urban areas.
With urbanization and demand for affordable mobility rising across Africa, Spiro’s expansion aligns with a broader shift toward green transport solutions, offering environmental benefits while creating business opportunities and local employment in the clean energy value chain.
Africa’s urban transport sector has seen rapid growth in recent years, with motorcycles serving as a primary mode of mobility for millions of commuters in cities and peri-urban areas. However, reliance on petrol-powered bikes contributes to air pollution, greenhouse gas emissions, and high operating costs for riders, particularly in regions with volatile fuel prices.
Electric motorcycles offer a cleaner, more sustainable alternative. They produce zero tailpipe emissions, have lower maintenance costs, and can be integrated with renewable energy for charging, reducing overall dependence on fossil fuels. Despite these advantages, adoption has been limited by high upfront costs, inadequate charging infrastructure, and concerns over battery lifespan.
Spiro addresses these challenges with a rent-to-own model, enabling riders to acquire electric motorcycles gradually while benefiting from reduced operating expenses compared with traditional fuel-powered bikes. The company also invests in battery swapping and charging stations, ensuring riders can quickly recharge or replace batteries and maintain mobility without downtime.
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The $7 million debt financing from Nithio, a US-based climate investor, is aimed at scaling Spiro’s fleet and expanding its battery infrastructure across several African markets. This move reflects a broader trend of climate-focused investment targeting clean mobility, energy access, and renewable technologies in the region, where urbanization and population growth are driving demand for sustainable transportation solutions.
Spiro’s expansion is expected to increase access to electric mobility, create jobs in the clean energy and transport sectors, and reduce urban emissions. Analysts note that such initiatives are critical for Africa’s low-carbon transition, especially as governments explore policies to promote electric vehicles, provide incentives for adoption, and improve the sustainability of public and private transport systems.
Overall, Spiro’s model demonstrates how innovative financing, infrastructure investment, and localized business strategies can overcome adoption barriers, supporting a greener and more inclusive transport ecosystem across the continent.
