East Africa’s Electric Mobility Wave Accelerates with $100 m Funding Round
A game‑changing $100 million investment into EV‑maker spanning Uganda/Kenya/Rwanda marks a turning point for Africa’s low‑carbon transport future.
Kampala, Uganda
African electric mobility company Spiro (active in Kenya, Uganda, Rwanda and other markets) has secured a major $100 million funding round, led by a subsidiary of African Export‑Import Bank (Afreximbank) and supported by venture capital. The firm plans to scale its electric motorbike production significantly — targeting 100,000 bikes on the road by end of 2025 (up from 20,000 a year earlier) — and to expand battery‑manufacturing and swapping infrastructure across the region.
In Uganda specifically, where motorcycle taxis (“boda bodas”) dominate urban and rural mobility, the shift to electric bikes offers major potential: lower operational costs for drivers, reduced emissions, quieter transport and new local manufacturing/assembly opportunities. The investment indicates confidence in the African mobility market and signals the maturation of the continent’s transition into low‑carbon transportation.
Why It Matters
Affordability & livelihoods: For many boda boda drivers in Uganda, fuel costs are a major expense. Electric bikes can reduce costs and improve earnings.
Climate & environment: The transport sector is a major emitter in Africa’s cities — introducing electric mobility helps reduce urban pollution and carbon footprint.
Local manufacturing & value‑add: Scaling production and battery‑manufacturing locally creates jobs, builds skills, and keeps value inside the region rather than importing finished vehicles.
Investment signal: A large capital injection like this shows global and regional investors see Africa, not just as a beneficiary, but as a participant and producer in the green economy.
What to Watch
How quickly production ramps up in Uganda and neighbouring markets — will the 100k‑bike goal be met by end of 2025?
Development of battery‑swapping and charging infrastructure — are local governments and private sector ready?
Affordability and adoption among boda boda drivers: will financing, maintenance and total cost of ownership be competitive?
Policy and regulation: Uganda’s frameworks for EVs, import duties, local assembly incentives and charging infrastructure.
Spill‑over: Will related industries (battery recycling, electric vehicle servicing) emerge and scale in East Africa?
