Spiro, one of Africa’s leading electric vehicle (EV) and clean energy infrastructure platform, has announced the successful completion of its latest funding round, raising $270 million to support the expansion of its e-mobility and energy ecosystem across the continent.
The milestone follows the closure of a $55 million investment from NewTrails Capital, a Chinese growth-stage investment fund focused on emerging markets, with strategic locations in Shanghai, Shenzhen and Nigeria.
The latest capital injection positions Spiro among Africa’s most heavily backed electric mobility and clean energy companies, strengthening its efforts to scale sustainable transport solutions and energy infrastructure across the continent.
Building on support from long-term institutional partners, including the Fund for Export Development in Africa (FEDA), Spiro’s latest equity round has attracted global investment from Europe and Africa, including Impact Fund Denmark, Equitane, FEDA, Nithio and the Africa Go Green Fund.
Spiro Founder and Equitane Chairman Gagan Gupta thanked NewTrails Capital for its confidence in the company’s model and technology-driven approach to Africa’s energy transition.
“Having deployed 100,000 electric vehicles and 2,500 smart-swap stations across seven active markets, Spiro has firmly moved beyond the proof-of-concept phase. Partnering with NewTrails Capital’s experienced team marks a powerful new chapter as we prepare for the next phase of our pan-African and international expansion,” Gupta said.
Yufan Zhang, Founding Partner at NewTrails Capital, said the fund views Spiro as a key driver of Africa’s emerging energy transition, with the potential to build an infrastructure-scale business delivering commercial, social and environmental impact.
“We believe Spiro is driving a profound energy revolution across mobility use cases in Africa. The company’s strengths lie in its localized operating capabilities, vertically integrated supply chain, digitally enabled ecosystem, sound unit economics and ability to scale rapidly,” Zhang said.
He added that Spiro’s integration of electric vehicles, batteries, energy replenishment, payments and service networks provides solutions tailored to African markets while addressing longstanding challenges in mobility and energy access.
The partnership will also support Spiro’s manufacturing expansion and supply chain localisation efforts across Africa, particularly through collaboration with Chinese suppliers.
Spiro said the funding will accelerate its mission to expand clean mobility solutions, strengthen local manufacturing capabilities and contribute to Africa’s transition towards sustainable energy systems.