Electric motorcycle company Spiro has received an extra $18 million from the Africa Go Green Fund (AGG), less than a year after the fund’s first investment, The Condia reported. AGG’s total commitment to Spiro is now $36 million.
What the money is for
The debt will pay for more electric motorcycles and more battery-swap stations in Uganda and Rwanda, two of the seven African markets where Spiro operates. Riders swap an empty battery for a charged one in minutes instead of waiting to recharge.
Spiro in numbers
- More than 135,000 electric motorcycles deployed
- Over 50 million battery swaps completed
- “Mega” battery-swap stations launched in Kenya and Rwanda
- Total disclosed funding of about $575 million
“Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made,” said Laurène Aigrain, managing director of the fund, adding that Spiro cuts both transport emissions and riders’ running costs.
About the fund
AGG is a climate debt fund set up by Germany’s development bank KfW, with backers including the African Development Bank, IFC and British International Investment. It has $232 million in committed capital and is managed by Cygnum Capital.
Why it matters
Motorcycle taxis are a lifeline across Africa, including Nigeria’s okada riders, and fuel is one of their biggest costs, especially since petrol subsidy removal. Electric bikes with battery swapping can cut daily running costs sharply, but they need dense networks of swap stations and reliable power. Spiro’s steady flow of debt funding shows lenders are increasingly willing to finance that infrastructure.
Source: The Condia.
