Spiro, Africa’s largest electric vehicle company, has closed a $270 million equity funding round that includes $55 million from Chinese investment fund NewTrails Capital. The company makes electric motorcycles and runs battery-swapping stations in seven African markets, including Nigeria, Kenya, and Rwanda. The funding will support Spiro’s manufacturing localization, battery-swapping infrastructure, and entry into new markets, including the Democratic Republic of Congo, Ethiopia, Malawi, and Mali. Spiro’s model lets riders buy motorcycles while the company retains ownership of batteries. Depleted batteries can be swapped at stations for a fee instead of recharging them. According to the company, this can cut daily transport costs by up to 40% when compared with gasoline-powered bikes. Beyond helping Spiro grow, the investment highlights China’s growing role in financing Africa’s clean energy transition and electric mobility sector.
African Business