Africa Go Green Fund Doubles Spiro Financing to $36 Million

The Africa Go Green Fund has committed another $18 million to African electric mobility company Spiro, taking its total financing commitment to $36 million.

The climate-focused debt fund, managed by Cygnum Capital, announced the additional financing on 21 September 2026. The funding will support more electric motorcycle deployments and the expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda.

The latest commitment comes less than a year after the fund’s first financing for Spiro. In December 2025, Africa Go Green Fund committed $18 million to a debt facility alongside a $7 million commitment from Nithio. AGG also acted as the transaction’s investment structuring lead.

Spiro Expands Its Electric Motorcycle Network

Spiro says it has now deployed more than 135,000 electric motorcycles across seven African countries and completed more than 50 million battery swaps.

Its model combines electric motorcycles with battery-swapping stations. Riders can replace a depleted battery with a charged one instead of waiting for the motorcycle to recharge.

The company has also launched larger battery-swap stations in Kenya and Rwanda. The new financing will help expand motorcycle deployments and increase the use of existing battery and swap-station infrastructure.

Spiro has assembly operations in Uganda, Kenya, Nigeria and Rwanda, according to the company’s earlier financing announcement. In February 2026, Spiro also announced a $50 million debt facility involving Afreximbank, Africa Go Green Fund and Nithio. At that point, the company reported more than 80,000 electric motorcycles and over 2,500 battery-swapping stations.

Uganda and Rwanda

The latest funding is focused on deepening Spiro’s operations in Uganda and Rwanda, rather than announcing a new market.

The company plans to add more motorcycles and expand the infrastructure supporting them. This means the financing will also depend on increasing activity across the existing network.

For battery swapping, the number of motorcycles alone does not tell the full story. Station usage and the frequency of battery exchanges determine how effectively the infrastructure is being used.

Spiro has not disclosed how many of its motorcycles are currently active or how frequently batteries are swapped at individual stations.

Debt Supports a Capital-Heavy Model

The financing highlights the role of debt in expanding Africa’s electric mobility infrastructure.

Spiro needs capital for physical assets including motorcycles, batteries and swap stations. Its business model also generates recurring revenue from battery services, giving debt providers a different financing opportunity from a software startup.

Africa Go Green Fund focuses on financing businesses that reduce greenhouse gas emissions through areas including clean transport, energy efficiency and green technologies.

Laurène Aigrain, Managing Director of Africa Go Green Fund, said the fund is backing Spiro’s expansion as the company works to make electric mobility more accessible and affordable.

Spiro founder Gagan Gupta described the additional commitment as confidence in the company's progress and the long-term potential of electric mobility in Africa. Group CEO Anant Badjatya said the funding will support more motorcycles, battery-swapping infrastructure and network development in Uganda and Rwanda.