Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum Capital, has increased its financing commitment to Spiro by $18 million, doubling AGG’s total commitment to the African electric mobility company to $36 million.
The additional financing builds on the debt facility closed in December 2025, under which AGG committed $18 million and Nithio $7 million. AGG also acted as the investment structuring lead for the original transaction.
As of September 2026, Spiro has deployed more than 135,000 electric motorcycles and completed more than 50 million battery swaps across its markets. Building on this continued growth, the additional financing will support the deployment of more electric motorcycles and the expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda.
To further strengthen its energy network, Spiro has launched mega battery-swap stations in Kenya and Rwanda. These stations are designed to improve the rider experience by making access to charged batteries more seamless, reliable and convenient.
Spiro’s recurring battery-swapping model
The additional financing will support further motorcycle deployments, enabling Spiro to grow its customer base and increase utilisation of its existing battery and swap-station infrastructure. As deployment volumes increase, Spiro’s recurring battery-swapping model provides a scalable platform for delivering lower-carbon transport while reducing riders’ exposure to the cost of conventional fuels.
Spiro has developed an integrated electric mobility platform combining electric motorcycles with a large-scale battery-swapping network. Its model is designed to reduce the upfront cost and operational barriers associated with electric vehicle adoption, while providing riders with convenient access to charged batteries through a growing network of swap stations.
Laurène Aigrain, Managing Director of Africa Go Green Fund, said: “Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential. By making electric mobility solutions more accessible and affordable, Spiro is tackling two critical challenges at once: cutting transport emissions and giving riders a smarter, more cost-effective way to move. We are proud to deepen our partnership with Spiro and support its next phase of growth in East Africa, specifically Uganda and Rwanda.”
Africa Go Green Fund renews its confidence in Spiro
Gagan Gupta, Founder of Spiro, said: “Africa Go Green Fund’s decision to double its commitment is a powerful vote of confidence in Spiro’s progress and in the long-term potential of electric mobility across Africa. We have demonstrated that a model built around the realities of African markets can scale rapidly, deliver meaningful impact and attract long-term institutional capital.”
Anant Badjatya, Group CEO of Spiro, said: “This additional financing will enable us to accelerate execution in two important East African markets. In Uganda and Rwanda, we will deploy more electric motorcycles, expand our battery-swapping infrastructure and strengthen the network that supports our riders every day. Our priority is clear: to build network density, improve accessibility and make the switch to electric mobility increasingly practical and compelling for riders.”
The investment is aligned with AGG’s mandate to support businesses and projects that reduce greenhouse gas emissions across Africa, including through clean transport. AGG provides debt financing to commercially viable businesses that combine climate impact with sustainable growth.
