Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum Capital, has increased its financing commitment to electric mobility company Spiro by $18 million, bringing its total commitment to $36 million.
The additional financing will support the deployment of more electric motorcycles and the expansion of Spiro’s battery-swapping network in Uganda and Rwanda. The investment will help more riders access electric transport while reducing their reliance on conventional fuels.
As of September 2026, Spiro had deployed more than 135,000 electric motorcycles and completed more than 50 million battery swaps across its markets. The company operates an electric mobility model that combines electric motorcycles with a large battery-swapping network.
This model allows riders to replace depleted batteries with charged ones rather than waiting for batteries to recharge. It also helps reduce some of the upfront and operational barriers linked to electric vehicle adoption.
Laurène Aigrain, Managing Director of Africa Go Green Fund, said the decision to increase the investment followed the progress Spiro has made since the initial financing.
“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,” she said.
She added that Spiro is addressing transport emissions while giving riders a more affordable way to travel.
Financing to Expand Spiro’s East African Network
The new financing builds on a debt facility closed in December 2025. Under that transaction, AGG committed $18 million while Nithio committed $7 million. AGG also served as the investment structuring lead for the original transaction.
The latest financing will allow Spiro to deploy more motorcycles in Uganda and Rwanda. It will also support the expansion of its battery-swapping infrastructure in both markets.
Spiro has also launched mega battery-swap stations in Kenya and Rwanda as it works to strengthen its energy network. The stations are designed to make access to charged batteries more seamless, reliable and convenient for riders.
The additional motorcycle deployments are expected to help Spiro grow its customer base and increase the use of its existing battery and swap-station infrastructure. Its recurring battery-swapping model also provides a platform for expanding lower-carbon transport while reducing riders’ exposure to conventional fuel costs.
Gagan Gupta, Founder of Spiro, said AGG’s decision to double its commitment reflects confidence in the company’s progress and the wider potential of electric mobility in 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,” Gupta said.
Anant Badjatya, Group CEO of Spiro, said the financing would accelerate the company’s work in Uganda and Rwanda.
“Our priority is clear: to build network density, improve accessibility and make the switch to electric mobility increasingly practical and compelling for riders,” he said.
Building a Larger Electric Mobility Platform
Spiro currently operates in seven African countries and has more than 2,500 battery-swapping stations. The company says it has recorded more than 2.5 billion kilometres of low-carbon travel through its electric motorcycles.
Its operations include assembly facilities in Uganda, Kenya, Nigeria and Rwanda. The company aims to expand regional production and deliver electric vehicles made in Africa for African and global markets.
The investment also supports AGG’s mandate to finance businesses and projects that reduce greenhouse gas emissions across Africa, including through clean transport.
For Spiro, the additional $18 million provides capital to expand its motorcycle fleet and battery-swapping network. For riders, the expansion is intended to improve access to electric mobility and make battery swapping more convenient.
