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May 9, 2026 — Africa Go Green Fund (AGG), a climate-focused debt fund managed by Cygnum Capital, has added another $18 million to its financing backing for Spiro, lifting AGG’s total commitment to $36 million. The follow-on funding is intended to accelerate electric motorcycle deployment and expand Spiro’s battery-swapping network in Uganda and Rwanda.
The announcement came less than a year after AGG’s initial support and extends the arrangement that closed in December 2025. That deal included an $18 million commitment from AGG and $7 million from Nithio. AGG also acted as investment structuring lead for the original transaction. With the new tranche, the two lenders’ disclosed commitments now add up to $43 million.
For Spiro, this is not simply more money in the bank. It is a signal that one of its early backers is ready to increase exposure after watching the company’s early performance. AGG’s decision to double rather than add a small top-up suggests the fund sees the core model working as intended.
Spiro will put the fresh capital to work in Uganda and Rwanda. The company plans to deploy more electric motorcycles and strengthen its battery-swapping infrastructure in both markets. Executives have also made clear that the goal is network density, not rapid expansion into new countries.
That distinction matters. In the electric two-wheeler space, the value of a battery-swap network depends on how easily and quickly riders can get a charged battery. More stations in high-demand areas make the service more reliable and reduce the practical friction of switching from conventional motorcycles.
Spiro has already taken steps in that direction with mega battery-swap stations in Kenya and Rwanda. Those larger stations are designed to improve the rider experience by making access to charged batteries more seamless and convenient.
Spiro says it has now deployed more than 135,000 electric motorcycles and completed more than 50 million battery swaps across seven markets. The company also reports more than 2,500 battery-swapping stations and more than 2.5 billion kilometers of low-carbon travel.
Those numbers give AGG a tangible way to measure progress. Riders are not just buying motorcycles once; they are coming back repeatedly to swap batteries. For a debt investor, that recurring-use behavior is important because it shows the infrastructure is being utilized rather than sitting idle.
The additional capital is also expected to support utilization of Spiro’s existing assets. As more motorcycles join the platform, the company can grow its customer base without duplicating its entire network from scratch. That efficiency is central to the pitch for long-term institutional capital.
Laurène Aigrain, managing director of Africa Go Green Fund, said the decision to increase AGG’s investment reflected the company’s progress since the initial commitment.
“Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential,” Aigrain said. “By making electric mobility solutions more accessible and affordable, Spiro is tackling two critical challenges at once: cutting transport emissions and giving riders a smarter, more cost-effective way to move.”
Gagan Gupta, founder of Spiro, framed the doubled commitment as validation of the company’s execution.
“Africa Go Green Fund’s decision to double its commitment is a powerful vote of confidence in Spiro’s progress and in the long-term potential of electric mobility across Africa,” Gupta said. “We have demonstrated that a model built around the realities of African markets can scale rapidly, deliver meaningful impact and attract long-term institutional capital.”
Anant Badjatya, Group CEO of Spiro, said the financing would sharpen execution in Uganda and Rwanda.
“This additional financing will enable us to accelerate execution in two important East African markets,” Badjatya said. “Our priority is clear: to build network density, improve accessibility and make the switch to electric mobility increasingly practical and compelling for riders.”
Spiro’s model separates the vehicle from the battery. Riders can avoid the high upfront cost of buying a battery and instead pay for access to charged batteries through the swap network. That structure lowers barriers to adoption and gives riders more predictable operating costs compared with petrol-fueled motorcycles.
It also creates a steady revenue stream for Spiro. Every time a rider swaps a battery, the platform generates another data point and another transaction. As deployment volumes rise, the recurring-swap model becomes a scalable foundation for lower-carbon transport while shielding riders from fuel price swings.
For AGG, the follow-on investment fits squarely within its clean-transport mandate. The fund was established by KfW and has received backing from the German Federal Ministry for Economic Cooperation and Development (BMZ), the African Development Bank, the International Finance Corporation, the Nordic Development Fund, British International Investment, Calvert Impact Capital, Monday Charitable Trust, Swedfund and DEG.
AGG provides debt financing to commercially viable businesses that combine climate impact with sustainable growth. Its current committed capital stands at USD 232 million, and this latest commitment shows that clean mobility is becoming a more central part of its portfolio.
Spiro is Africa’s largest electric mobility company by deployment, operating in seven countries and running the continent’s biggest battery-swapping network for electric two-wheelers. In addition to its vehicle and station numbers, Spiro has assembly facilities in Uganda, Kenya, Nigeria and Rwanda, part of a push to manufacture electric vehicles locally.
Cygnum Capital, the manager of AGG, is an investment bank and asset manager focused on frontier and emerging markets. Formerly known as Lion’s Head, the firm manages a range of climate-focused funds and has offices in London, Nairobi, Lagos, Dubai, Frankfurt and Amsterdam. Its asset management arm has over USD 1.44 billion under management across investments in 38 African countries.
The new commitment to Spiro is another clear indication that climate investors are willing to back transport projects that show real usage, not just ambitious targets. With 50 million swaps already completed, Spiro now has the data to make the case that electric motorcycle mobility in Africa can move from pilot stage to scaled commercial reality.
