Spiro secures $50 million from Afreximbank, others to expand Africa battery-swapping network - AP News
AP News
February 24, 2026
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Spiro, a startup focused on advancing sustainable mobility solutions, has successfully raised $50 million from Afreximbank and other investors to expand its battery-swapping network across Africa. This funding will enable Spiro to accelerate the deployment of its innovative energy infrastructure, which aims to make electric vehicles (EVs) more accessible and affordable for African consumers. The company plans to start by expanding its operations in Nigeria, followed by Kenya and South Africa, with a focus on building a reliable network of battery swap stations to support EV adoption.
The battery-swapping model is designed to address one of the key barriers to widespread EV adoption in Africa: the high upfront cost of batteries and the lack of consistent charging infrastructure. By allowing
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Originally published on AP News on 2/24/2026