Africa: Spiro Secures $7m Debt From Nithio to Expand Ev Network
AllAfrica
February 20, 2026
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Spiro, an African electric motorcycle startup, has secured a $7 million debt facility from U.S.-based climate fintech Nithio to expand its battery-swapping network and electric motorcycle fleet across Africa. This funding will focus on urban markets where two-wheelers dominate transportation and delivery services, enabling Spiro to increase the number of electric motorcycles, expand battery-swapping stations, and bolster supply chains and working capital. The deal marks Nithio's first investment in African e-mobility, reflecting a growing trend among climate-focused lenders targeting transport as a key sector for emissions reduction.
Founded in 2022, Spiro has raised nearly $290 million to date, including a recent $100 million round led by the Fund for Export Development in Africa. The company operates a battery-as-a-service model, allowing riders to swap depleted batteries for charged units. This innovative approach addresses charging constraints and reduces downtime for commercial riders, while lower operating costs compared to petrol motorcycles can improve driver margins over time.
The expansion of electric mobility in Africa is gaining momentum as countries like Kenya, Nigeria, and Benin see rising adoption of electric bikes for ride-hailing and delivery services. The shift reflects a broader push toward sustainable transportation solutions, particularly in urban areas where emissions from traditional transport methods contribute significantly to environmental challenges. Battery swapping, in
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Originally published on AllAfrica on 2/20/2026