‎EV platform Spiro secures $215m funding to scale energy infrastructure

By Chinelo Obogo

‎Electric Vehicles (EV) platform, Spiro has secured a $215m investment round backed by major institutional investors including Impact Fund Denmark and Equitane.

With Spiro already operating across seven of Africa’s fastest-growing urban markets, this transaction positions it among the continent’s leading clean infrastructure platforms.

This investment will accelerate the expansion of Spiro’s battery-swapping network, industrial footprint and next-generation EV infrastructure across high-growth African markets.

As African economies push to reduce dependence on imported fuel, reinforce energy and industrial sovereignty, and modernize urban transport systems, global investors are increasingly turning to scalable EVinfrastructure platforms.

Following years of optimization across its product portfolio, technology and energy ecosystem, Spiro has moved past the proof-of-concept phase and stands ready to execute its next chapter of pan-African expansion.

This investment will support the expansion of Spiro’s battery-swapping network, strengthen its industrial and assembly footprint, accelerate technology development and support the company’s entry into new high-growth African markets.

Founder of Spiro and Chairman of Equitane, Gagan Gupta said: “This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality. Spiro has become a major driver of local industrialization, value creation and manufacturing across African markets with 6,000 sustainable direct and indirect jobs. Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent.”

Driven by rising fuel costs, increasing demand for affordable transportation and growing policy support for clean energy solutions, investors are increasingly backing scalable EV platforms capable of supporting Africa’s next phase of urban and industrial growth.

For riders, the economic impact is immediate: operating a Spiro electric vehicle can reduce daily mobility costs by up to 40%, generating savings of up to $2 per day compared to fossil-fuel motorcycles.

The Chief Executive Officer of Impact Fund Denmark, Lars Bo Bertram said: “We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact. That is exactly the type of investment we want to make.”