Dubai and India-based Equitane takes minority stakes in companies in addition to seeding eight of its own subsidiaries in infrastructure, renewable energy and other impact sectors. Its EV subsidiary Spiro, raised $215 million from Equitane and Impact Fund Denmark. Spiro operates in Kenya, Rwanda, Uganda, Togo, Benin, Nigeria and Cameroon.
“We are bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact,” said Impact Fund Denmark’s Lars Bo Bertram.
Fueling protest
Spiro is riding a wave of support for solutions that lower fuel costs and boost local resilience. Fuel costs have spiked across Africa as shipments through the Strait of Hormuz have slowed to a tickle. In Kenya, a core market for Spiro, protests have erupted over high fuel costs. Nigeria, which scrapped a 50-year policy on fuel subsidies in 2023 has been among the hardest hit, with a 40% spike in fuel prices. Spiro says its e-bikes save owners up to 40%, or $2 a day compared to gas-powered motorcycles.
Institutional support
Spiro will use the new capital to grow its battery-swapping network and e-bike sales and expand into new African markets. The capital infusion follows a $100 million funding round last year, backed by the African Export-Import Bank’s Fund for Export Development in Africa. Afreximbank topped up Spiro’s coffers with debt earlier this year, alongside climate-focused investors Nithio and Africa Go Green Fund.
In 2023, Societe Generale and GuarantCo, teamed up for a 37.8 billion West African Franc ($63 million) investment to help Spiro expand in West Africa.
