By Africa Go Green Fund, a climate-focused debt fund managed by Cygnum Capital, has doubled its financing commitment to Spiro, an African electric motorcycle company, with an additional $18 million, bringing its total commitment to $36 million, the company said this week.
The new funding builds on a debt facility closed in December 2025, under which Africa Go Green Fund, known as AGG, committed $18 million and Nithio committed $7 million. AGG also served as the investment structuring lead for the original transaction.
The additional capital will support the continued rollout of Spiro’s electric motorcycles and the expansion of its battery-swapping network in Uganda and Rwanda, according to the company.
Spiro has deployed more than 135,000 electric motorcycles and completed more than 50 million battery swaps across seven African markets as of September 2026, the company said.
The financing arrives less than a year after AGG’s initial investment in Spiro, reflecting what the fund described as renewed confidence in the company’s growth trajectory.
To expand its energy infrastructure, Spiro has also launched mega battery-swap stations in Kenya and Rwanda. The stations are designed to improve rider access to charged batteries by making the swapping process faster and more reliable, the company said.
Spiro is among a number of companies seeking to accelerate the adoption of electric motorcycles across Africa, where motorcycles are widely used for commercial transport, including ride-hailing and delivery services.
Battery-swapping infrastructure, which allows riders to exchange depleted batteries for charged ones rather than waiting to recharge, is central to the business model of several electric mobility firms operating on the continent.
Africa Go Green Fund’s decision to double its exposure to Spiro underscores growing investor interest in financing the continent’s transition to electric transport, as fund managers seek climate-linked assets with measurable emissions reductions.
Spiro has been expanding its footprint across multiple African countries in recent years as part of a broader push to electrify motorcycle taxi fleets, which form a significant part of urban transport in many African cities.
The company’s battery-swapping model is intended to address one of the main barriers to electric vehicle adoption in the region: limited charging infrastructure and inconsistent electricity supply.
The debt facility financing structure, which combines multiple lenders including AGG and Nithio, is common in emerging-market clean energy financing, where lenders often co-invest to spread risk across large infrastructure and equipment rollouts.
Cygnum Capital Group is an investment bank and asset manager operating across frontier and emerging markets. Formerly known as Lion’s Head, which was founded in 2008, Cygnum Capital is now a global provider of tailored and innovative financial solutions to meet its clients’ diverse needs.
Cygnum Capital uses long-term relationships, networks and local market understanding to deliver a best-in-class service. With offices in London, Nairobi, Lagos, Dubai, and Amsterdam, Cygnum Capital’s dynamic team of 75 finance professionals provide deep sectoral expertise, a broad product offering, an asset management platform and the ability to leverage synergies between our corporate finance, asset management and advisory activities.
Cygnum Capital Asset Management manages five pioneering funds: four debt funds including:
- the African Local Currency Bond Fund (“ALCBF”), a ground-breaking investment vehicle established to support local currency capital markets.
- Off-Grid Energy Access Fund (“OGEF”) which supports companies in off grid energy such as SHS and small- medium mini-grids
- Facility for Energy Inclusion(“FEI”) which support companies that provide a range of renewable energy solutions such as medium – large mini- grids, C&I and IPP with a maximum capacity of 25 MW
- AfricaGoGreen (“AGG”) Fund which supports companies combating climate change by reducing the use of fossil fuels through new technologies and that increase energy efficiency; and
- A VC private equity fund E3 Low Carbon Economy Fund for Africa (“E3 LCEF”) which invests inclimate-smart services, digital connectivity & Applications, low-carbon productivity enablers.
Cygnum Capital Asset Management has over USD 750 million of assets under management with investments in more than 34 African countries.
