Spiro, a leading African Electric Vehicle (EV) platform, has secured am additional $55 million facility from Chinese investor NewTrails Capital to boost electric mobility and energy infrastructure in Africa
A news report by an online medium, African Press Organisation Group (APO), indicated with the latest funding support from the Chinese company, Spiro closed its last funding round to $270 million.
The news medium noted that as African economies continued to rev up their drive to reduce dependence on imported fuel, reinforce energy and industrial sovereignty and modernize urban transport systems, the closing of this last round of funding for Spiro confirmed that global investors were increasingly turning to scalable EV infrastructure platforms and Spiro’s strong ambitions for the year to come.
It projected that Spiro, now operating across seven of Africa’s fastest-growing urban markets, would further accelerate the expansion of its battery-swapping network, industrial footprint and next-generation electric vehicles (EV) infrastructure across high-growth African markets.
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Building on the support of long-standing institutional partners such as FEDA, Spiro’s latest equity round also attracted global capital from Europe and Africa.
Commenting on the latest funding feat, Spiro Founder and Chairman of Equitane, Gagan Gupta, said: “I would like to thank NewTrails Capital for believing in Spiro’s model and supporting our unique tech, energy and innovation journey. Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved past the proof-of-concept phase.
“Partnering with NewTrail Capital’s deeply experienced team marks a powerful new chapter for Spiro as we prepare for the next steps of our pan-African and international expansion”, Gupta added.
In his remarks, Founding Partner of NewTrails Capital, Yufan Zhang, said: “We believe Spiro is driving a profound “energy revolution” across mobility use cases in Africa. This represents not only a vast and highly imaginative market opportunity, but also the potential to grow into an infrastructure-like business that creates meaningful commercial, social, and environmental value.
“In our view, Spiro’s core strengths lie in its deeply localized operating capabilities, vertically integrated supply chain, digitally enabled ecosystem, sound unit economics, and strong ability to scale rapidly. More importantly, Spiro has systematically integrated vehicles, batteries, energy replenishment, payments, and service networks into a solution that is truly tailored to the needs of African users, effectively addressing long-standing structural pain points in the local market.
“As a Chinese fund committed to investing in Africa’s energy transition and green technology, we are also very encouraged to see Chinese supply chains and financing playing an increasingly important role in this process. Spiro is still a young company, and everything today is only the beginning. We look forward to continuing to fulfill our role as a long-term investor, contributing our resources and experience, growing together with Spiro, and helping accelerate Africa’s new energy transition”,
