The Africa Go Green Fund, a climate-focused debt fund managed by Cygnum Capital, announced in September 2026 that it has committed an additional $18 million to African electric mobility company Spiro. The new injection doubles the fund’s total financing commitment to Spiro to $36 million less than a year after its first investment. The announcement signals growing institutional confidence in low carbon transport solutions across the continent.
Origins of the Expanded Commitment
The increased support builds on a debt facility closed in December 2025, under which Africa Go Green Fund committed $18 million and Nithio committed $7 million. Africa Go Green Fund also acted as the investment structuring lead for that original transaction, coordinating the financing arrangement that laid the foundation for this expansion. With the additional $18 million, the fund now holds a total commitment of $36 million to Spiro.
Deployment Priorities in East Africa
The fresh capital will finance the continued deployment of electric motorcycles and the expansion of Spiro’s battery swapping infrastructure in Uganda and Rwanda, two countries that are central to the company’s East African growth strategy. Both countries are part of Spiro’s seven active markets across Africa, where the company has already deployed more than 135,000 electric motorcycles. It has also completed over 50 million battery swaps, demonstrating the scale and daily usage of its network.
Strengthening Battery Infrastructure
To enhance energy access for riders, Spiro has launched mega battery swap stations in Kenya and Rwanda. These stations are designed to make charged batteries more accessible, reliable, and convenient for customers, reducing waiting times and supporting daily operations. The additional financing is expected to support further motorcycle deployments, grow the customer base, and increase utilisation of existing battery and swap station assets across the network.
Leadership Perspectives
Laurène Aigrain, Managing Director of Africa Go Green Fund, said the expanded investment reflects strong progress since the initial commitment and confidence in Spiro’s growth potential. She noted that the company is reducing transport emissions while giving riders a more cost effective way to move, especially in emerging markets. Aigrain added that the fund is proud to deepen its partnership and support Spiro’s next phase in East Africa.
Spiro’s Founder Gagan Gupta described the doubled commitment as a powerful vote of confidence in the company’s progress and in Africa’s long term electric mobility potential. Group CEO Anant Badjatya said the financing will accelerate execution in Uganda and Rwanda through more motorcycles, expanded battery swapping, and a stronger rider network. He stated that the priority is to build network density, improve accessibility, and make the switch to electric mobility increasingly practical for riders.
Climate Mandate and Scalable Model
The investment aligns with Africa Go Green Fund’s mandate to support businesses that reduce greenhouse gas emissions across Africa, including through clean transport and energy efficient mobility. Spiro has developed an integrated electric mobility platform that combines electric motorcycles with a large scale battery swapping network. The model aims to lower upfront costs and operational barriers while providing riders with convenient access to charged batteries through a growing network of swap stations.
The additional $18 million commitment from Africa Go Green Fund reinforces Spiro’s position in the African electric mobility sector. It also highlights the role of structured debt financing in scaling clean transport infrastructure and reducing reliance on conventional fuels. With continued deployment in Uganda and Rwanda, the partnership is expected to strengthen regional low carbon mobility and expand access to affordable electric transportation.