Danish capital to accelerate Africa's green transport revolution

Impact Fund Denmark invests DKK 258 million (USD 40 million) in Spiro, one of Africa’s largest e-mobility companies. The investment finances the continued roll-out of electric motorcycles and battery swap stations, particularly in Kenya, Rwanda and Uganda, but also in several other African countries. The investment was made via Impact Fund Denmark’s commercial fund, SDG Fund II, with the Danish pension funds Pensam, P+, PFA, PKA and PBU.

One of the world’s largest electrification options
In Africa, there are more than 30 million motorcycles that operate primarily as taxis. Of these, 99% still run on fossil fuels. The shift from gasoline motorcycles to electric motorcycles is one of the largest single options for electrification on the planet. Spiro estimated in 2025 that its motorcycles had saved over 446,000 tonnes of CO₂. Motorcycles also reduce particulate pollution.

Spiro’s business model is built around replaceable batteries. The 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, and for many drivers it is not possible to 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, besides the saved waiting time when charging, there is better economy in electricity than in a gasoline motorcycle for the driver. Costs can be reduced by as much as 50%, making the driver less dependent on fluctuating oil prices.

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. Electrification of motorcycles thus directly reduces dependence on imported oil.

In Kenya, approximately 90% of electricity production comes from renewable sources, primarily geothermal and hydropower. Every kilometre driven on a Spiro motorcycle therefore replaces imported fossil fuel with domestically produced green electricity.

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. Africa is one of the world’s most interesting growth markets for e-mobility, and this is exactly the type of investment our SDG Fund II is built for.

Lars Bo Bertram, CEO of Impact Fund Denmark

The investment is covered by a guarantee issued by the European Union under the European Fund for Sustainable Development Plus framework.

In the coming years, Spiro is expected to enter several other African countries and continue its growth. Today, Spiro is assembling the motorcycles in a factory in Nairobi and is planning to build more factories across Africa.