Impact Fund Denmark is investing DKK 258 million (USD 40 million) in Spiro, one of Africa’s largest e-mobility companies, to finance the continued roll-out of electric motorcycles and battery swap stations across Kenya, Rwanda, Uganda and several other African countries, according to a press release by Impact Fund Denmark. The investment was made through the organization’s commercial fund, SDG Fund II, together with the Danish pension funds Pensam, P+, PFA, PKA and PBU. It is covered by a guarantee issued by the European Union under the European Fund for Sustainable Development Plus framework. The financing supports a shift from gasoline motorcycles to electric ones on the continent. This represents one of the largest single options for electrification on the planet.
In Africa, there are more than 30 million motorcycles that operate primarily as taxis, and 99% of them still run on fossil fuels. Spiro estimated in 2025 that its motorcycles had saved over 446,000 tonnes of CO2. The motorcycles also reduce particulate pollution. Africa imports over 70% of its refined fuel. The Hormuz crisis, which has restricted transit through the Strait since 28 February 2026, has repeatedly sent oil prices above USD 100 per barrel.
Spiro’s business model is built around replaceable batteries. A driver buys or leases a motorcycle with a removable battery, and when the power is running out, it is swapped at a local swap station in minutes. This removes the waiting time when charging, which is important since many drivers cannot charge at home. In three years, Spiro’s fleet has grown from 8,000 motorcycles and 150 swap stations to over 75,000 motorcycles and 1,600 swap stations. In October 2025, Spiro raised USD 100 million (approximately DKK 640 million) in Africa’s largest single investment in e-mobility at the time.
According to Spiro, electricity offers better economy than a gasoline motorcycle, with costs reduced by as much as 50%, making the driver less dependent on fluctuating oil prices. In Kenya, approximately 90% of electricity production comes from renewable sources, primarily geothermal and hydropower.
“The investment in Spiro offers the prospect of solid returns for the Danish pension funds and, at the same time, a large climate impact. We mobilise both private and public capital and help push the green transition forward in Africa. Every motorcycle that switches from gasoline to electricity makes a difference to the climate, and at the same time it becomes cheaper to drive, so drivers earn more,” said Lars Bo Bertram, CEO of Impact Fund Denmark.
He added that Africa is one of the world’s most interesting growth markets for e-mobility.
In the coming years, Spiro is expected to enter several other African countries and continue its growth. Today, Spiro is assembling motorcycles in a factory in Nairobi. The company is planning to build more factories across Africa. Every kilometre driven on a Spiro motorcycle replaces imported fossil fuel with domestically produced green electricity. The electrification of motorcycles directly reduces dependence on imported oil.
