Africa Go Green Fund (AGG), managed by Cygnum Capital, has doubled its financial commitment to electric mobility operator Spiro to $36 million by injecting an additional $18 million. The capital targets the deployment of electric motorcycle fleets and large-format battery-swapping networks across East Africa, specifically in Uganda and Rwanda.
The Bottom Line
- Capital Injection: AGG added $18 million in follow-on debt, bringing its total exposure to Spiro to $36 million.
- Geographic Focus: Expansion centers on scaling fleets and swapping infrastructure in Uganda and Rwanda.
- Operational Footprint: As of September 2026, Spiro has deployed over 135,000 electric motorcycles and completed more than 50 million battery swaps across seven countries.
Filling Sub-Saharan Africa’s Green Infrastructure Financing Gap
High interest rates and local currency fluctuations typically constrain access to traditional commercial bank capital for sub-Saharan enterprises. Specialized debt funds like Africa Go Green step in to bridge this capital expenditure gap. AGG holds $232 million in committed capital dedicated to industrial energy efficiency, clean transport, green housing, and sustainable appliances across Africa.
The fund’s capacity was augmented in August 2026 by a $20 million loan from Swedfund, Sweden’s development finance institution (DFI). Swedfund’s facility was structured specifically to extend credit to emission-reducing businesses falling outside the risk appetite of conventional commercial lenders. According to Swedfund disclosures, 13 out of 15 new investments made in 2024—representing $229m of $249m total new commitments—targeted African markets.
“Energy efficiency is one of the most practical ways to reduce emissions while lowering costs,” said Gunilla Nilsson, Investment Director and Head of Energy and Climate at Swedfund. “Through this investment, Swedfund will support companies providing solutions that people use in everyday life, from cleaner cooking to more energy efficient housing and transport.”
Scaling the Battery-as-a-Service Model
Spiro operates a “battery-as-a-service” model that unbundles vehicle ownership from battery costs, which represent the most expensive component of an electric vehicle. Riders purchase or lease the motorcycle frame while renting batteries, exchanging depleted packs for charged units at automated stations in minutes. This structure mitigates the capital expenditure hurdle for commercial motorcycle taxi drivers, known locally as boda-bodas, who operate on tight daily margins.
The fresh capital builds on a debt facility closed in December 2025, under which AGG committed $18 million alongside $7 million from climate fintech lender Nithio, with AGG serving as the investment structuring lead.
| Metric | Figure |
|---|---|
| Electric Motorcycles Deployed | 135,000+ |
| Battery Swap Stations | 2,500+ |
| Total Battery Swaps Completed | 50 million+ |
| Active Operating Markets | 7 countries |
Leadership Perspective and Regional Execution
The company maintains local assembly facilities in Uganda, Kenya, Nigeria, and Rwanda. The newly secured funds will prioritize scaling operations in Uganda and Rwanda by increasing network density along high-traffic commercial transit corridors.
“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,” said Laurène Aigrain, Managing Director of Africa Go Green Fund. “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, noted that the doubled commitment serves as a vote of confidence in the scalability of business models tailored specifically to African market realities. Group CEO Anant Badjatya added that the priority remains building network density and improving accessibility to make the switch to electric mobility practical for everyday riders.
