Beyond Spiro, African Companies Test Competing Electric Mobility Business Models
Spiro has raised nearly $420 million since October 2025 to accelerate its expansion across Africa and strengthen its market leadership. African electric mobility companies are developing diverse business models spanning motorcycles, buses, utility vehicles and battery-swapping infrastructure. Battery-swapping networks are emerging as a strategic source of recurring revenue and a. . .
Spiro has raised nearly $420 million since October 2025 to accelerate its expansion across Africa and strengthen its market leadership. African electric mobility companies are developing diverse business models spanning motorcycles, buses, utility vehicles and battery-swapping infrastructure. Battery-swapping networks are emerging as a strategic source of recurring revenue and a key pillar of Africa's electric mobility value chain. OnJune 22, Spiro announced that it had raised nearly $420 million since October 2025 to finance its African expansion strategy. The company already operates in Kenya, Uganda, Rwanda, Nigeria, Benin and Togo, while it is also conductingpilot projectsin Tanzania and Cameroon. Founded in Nairobi in 2019, Spiro specializes in assembling electric motorcycles and manufacturing swappable batteries. The company says it has deployed more than 100,000 electric motorcycles and 1,469 battery-swapping stations across Africa. Despite Spiro's scale, Africa's electric mobility industry extends well beyond one company or two market segments. Several firms continue to test different business models ranging from electric buses and commercial vehicles to charging infrastructure and battery-swapping networks. Electric two-wheelers remain the core segment of Africa's electric mobility market. Among the pioneers, Ampersand, founded in Rwanda in 2016, ranks among the first companies to industrialize electric motorcycles for motorcycle taxi operators. The company now operates in Rwanda and Kenya and says it has deployed more than 6,000 motorcycles. Uganda-based Zembo, established in 2017, reports a fleet of more than 1,000 electric motorcycles supported by more than 40 battery charging stations nationwide. In Kenya, startup Roam, founded in 2017, has adopted an integrated industrial strategy that covers the entire electric mobility value chain. Meanwhile, fellow Kenyan company ARC Ride, launched in 2020, specializes in assembling electric motorcycles and swappable battery systems, following a model similar to Spiro's. Although these companies remain significantly smaller than Spiro, they continue to shape a market that remains highly fragmented. Electric Mobility Expands Beyond Two-WheelersAfrica's electric mobility sector has also expanded into urban public transportation. Kenyan startup BasiGo, founded in 2021, ranks among the continent's most advanced operators in this segment. The company says it operates more than 151 electric buses through a Pay-as-you-Drive business model designed to lower upfront costs for transport operators. Roam has also diversified into electric buses alongside its motorcycle business, reinforcing a broader trend toward integrated mobility platforms. In Ghana, SolarTaxi offers electric cars, motorcycles, bicycles and buses. Founded in 2018, the company says it operates a fleet of more than 500 electric vehicles nationwide. Batteries Become a Standalone BusinessCompetition in Africa's electric mobility sector increasingly centers not only on vehicles but also on battery access. Battery-swapping systems allow drivers to replace depleted batteries within minutes, reducing vehicle downtime and improving the economic viability of electric transportation. Several major operators—including Spiro, Ampersand, Roam and Zembo—have integrated battery-swapping solutions into their vehicle assembly and fleet management businesses. However, some companies have focused exclusively on battery infrastructure. Ghana-based Kofa, founded in 2021, specializes in swappable battery systems and related energy services through a more open and potentially multi-brand platform. Kofa says it operates a growing battery-swapping network across West and East Africa. The company currently runs 39 active Swap & Go stations in Ghana and expanded into Kenya in March 2026, where it now operates 15 stations. Industry participants increasingly view battery-swapping infrastructure as one of the most strategic segments of the electric mobility value chain because it generates recurring revenue through battery leasing and energy subscription models. Stéphanas Assocle