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Dubai, UAE | THE INDEPENDENT | African electric mobility company Spiro has secured a fresh $55 million investment from Chinese growth-stage fund NewTrails Capital, bringing the company’s latest funding round to $270 million as it accelerates expansion of its electric vehicle and battery-swapping infrastructure across the continent, the company said in a June 22 media statement.
The investment strengthens Spiro’s position as one of Africa’s most heavily funded e-mobility companies at a time when governments across the continent are seeking to reduce fuel import bills, improve energy security and transition to cleaner transport systems.
Spiro said the new capital will support the expansion of its battery-swapping network, manufacturing capabilities and electric vehicle infrastructure across high-growth African markets.
The company currently operates in seven African countries and says it has deployed more than 100,000 electric motorcycles and established over 2,500 battery-swapping stations, making it the continent’s largest operator of battery-swapping infrastructure for electric two-wheel vehicles.
The latest funding round attracted support from a consortium of international investors, including FEDA, Impact Fund Denmark, Equitane, Nithio and the Africa Go Green Fund.
Gagan Gupta, Founder of Spiro and Chairman of Equitane, said the investment marks a significant milestone in the company’s growth trajectory.
“I would like to thank NewTrails Capital for believing in Spiro’s model and supporting our unique technology, energy and innovation journey. Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved past the proof-of-concept phase,” Gupta said.
He added that the partnership with NewTrails Capital would help drive the company’s next phase of pan-African and international expansion while strengthening local manufacturing and supply chains.
NewTrails Capital said it views Spiro as a strategic player in Africa’s emerging clean energy and transportation ecosystem.
Yufan Zhang, Founding Partner of NewTrails Capital, said the company is helping drive what he described as an “energy revolution” in Africa’s mobility sector by integrating electric vehicles, battery technology, charging infrastructure, payments and service networks into a localized business model.
“We believe Spiro represents not only a significant market opportunity but also the potential to develop into an infrastructure-scale business that creates commercial, social and environmental value,” Zhang said.
He noted that Chinese supply chains and financing are expected to play an increasingly important role in supporting Africa’s energy transition and green technology ambitions.
The partnership is also expected to support Spiro’s efforts to localize manufacturing and strengthen supply chain relationships with Chinese suppliers as the company expands its footprint across the continent.
Africa’s electric mobility sector has attracted increasing investor interest in recent years as rapid urbanisation, rising fuel costs and climate commitments drive demand for alternative transportation solutions.
Spiro says its network has completed more than 30 million battery swaps to date, helping reduce reliance on fossil fuels while providing lower operating costs for motorcycle riders and fleet operators.
The company is pursuing a strategy centred on regional production and assembly, with ambitions to manufacture electric vehicles in Africa for both domestic and export markets.
NewTrails Capital is an investment fund focused on growth-stage companies in emerging markets across Africa, the Middle East, Southeast Asia and Latin America, with a particular emphasis on green technology and energy transition investments.
