With an additional $18 Million, Africa Go Green Fund renews its confidence in Spiro and doubles down its financing commitment.

● Less than a year after its initial support, Africa Go Green Fund (“AGG”), managed by Cygnum Capital, doubles its financing commitment to Spiro to $36 million.

● The doubling of this financing builds on Spiro’s existing debt facility, under which AGG previously committed $18 million and Nithio $7 million.

● The funding will support the continued deployment of electric motorcycles and expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda. To date Spiro has deployed more than 135,000 electric motorcycles across Africa and complete over 50 million battery swaps across the seven active countries.

NAIROBI, KENYA, 21 SEPETEMBER 2026 -. Africa Go Green Fund (“AGG”), a climate-focused debt fund managed by Cygnum Capital, has increased its financing commitment to Spiro by $18 million, doubling AGG’s total commitment to the African electric mobility company to $36 million.

The additional financing builds on the debt facility closed in December 2025, under which AGG committed $18 million and Nithio $7 million. AGG also acted as the investment structuring lead for the original transaction.

As of September 2026, Spiro has deployed more than 135,000 electric motorcycles and completed more than 50 million battery swaps across its markets. Building on this continued growth, the additional financing will support the deployment of more electric motorcycles and the expansion of Spiro’s battery-swapping infrastructure in Uganda and Rwanda.

To further strengthen its energy network, Spiro has launched mega battery-swap stations in Kenya and Rwanda. These stations are designed to improve the rider experience by making access to charged batteries more seamless, reliable and convenient.

The additional financing will support further motorcycle deployments, enabling Spiro to grow its customer base and increase utilisation of its existing battery and swap-station infrastructure. As deployment volumes increase, Spiro’s recurring battery-swapping model provides a scalable platform for delivering lower-carbon transport while reducing riders’ exposure to the cost of conventional fuels.

Spiro has developed an integrated electric mobility platform combining electric motorcycles with a large-scale battery-swapping network. Its model is designed to reduce the upfront cost and operational barriers associated with electric vehicle adoption, while providing riders with convenient access to charged batteries through a growing network of swap stations.

Laurène Aigrain, Managing Director of Africa Go Green Fund, said: “Our decision to increase AGG’s investment in Spiro reflects the strong progress the company has made since our initial investment and our continued confidence in its growth potential. By making electric mobility solutions more accessible and affordable, Spiro is tackling two critical challenges at once: cutting transport emissions and giving riders a smarter, more cost-effective way to move. We are proud to deepen our partnership with Spiro and support its next phase of growth in East Africa, specifically Uganda and Rwanda.”

Gagan Gupta, Founder of Spiro, said: “Africa Go Green Fund’s decision to double its commitment is a powerful vote of confidence in Spiro’s progress and in the long-term potential of electric mobility across Africa. We have demonstrated that a model built around the realities of African markets can scale rapidly, deliver meaningful impact and attract long-term institutional capital.”

Anant Badjatya, Group CEO of Spiro, said: “This additional financing will enable us to accelerate execution in two important East African markets. In Uganda and Rwanda, we will deploy more electric motorcycles, expand our battery-swapping infrastructure and strengthen the network that supports our riders every day. Our priority is clear: to build network density, improve accessibility and make the switch to electric mobility increasingly practical and compelling for riders.”

The investment is aligned with AGG’s mandate to support businesses and projects that reduce greenhouse gas emissions across Africa, including through clean transport. AGG provides debt financing to commercially viable businesses that combine climate impact with sustainable growth.

About Spiro

Spiro is Africa’s largest electric mobility company present in seven countries, operating the continent’s most extensive and fastest growing network of battery-swapping for electric two-wheel vehicles. With more than 135,000 electric motorcycles, over 2500 battery swapping stations and more than 50 million battery swaps to date, Spiro has achieved over 2.5 billion kilometres of low-carbon emissions travel, transforming mobility and economies through substituting expensive imported fossil fuel-based transportation with affordable, accessible and sustainable solutions. Through its expanding regional production network and operational assembling facilities in Uganda, Kenya, Nigeria and Rwanda, Spiro is committed to delivering electric vehicles made in Africa by Africans for Africa and the world. For more information, visit www.spironet.com.

About Africa Go Green

AGG is designed to support activities that mitigate GHG emissions in Africa. The fund provides debt financing to businesses and projects across the spaces of industrial energy efficiency, green buildings, clean transport, and green appliances. AGG was established by KfW and has received funding commitments from the German Federal Ministry for Economic Cooperation and Development (“BMZ”) through KfW, in addition to funding commitments from the African Development Bank (and in its own capacity as the implementing entity for SEFA and the Clean Technology Fund (“CTF”)), the International Finance Corporation (“IFC”), Nordic Development Fund (“NDF”), British International Investment (“BII”), Calvert Impact Capital, Monday Charitable Trust (MCT), Swedfund and DEG (Deutsche Investitions - und Entwicklungsgesellschaft). The fund's current committed capital is at USD 232 million.

About Cygnum Capital

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, Frankfurt and Amsterdam, Cygnum Capital’s dynamic team of 80 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 manages seven pioneering funds: six debt funds including: (i) the African Local Currency Bond Fund (“ALCBF”), a ground-breaking investment vehicle established to support local currency capital markets, (ii) Off-Grid Energy Access Fund (“OGEF”) which supports companies in off grid energy such as SHS and small- medium mini-grids, (iii) 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, (iv) AfricaGoGreen (“AGG”) Fund which supports companies combating climate change by reducing the use of fossil fuels through new technologies that increase energy efficiency, (v) the Universal Green Energy Access Programme (“UGEAP”), a co-investment and on-lending vehicle targeting distributed renewable energy investments in Africa, (vi) the Africa Agriculture Trade and Investment Fund (“AATIF”) ; and (v)  a VC private equity fund E3 Low Carbon Economy Fund for Africa (“E3 LCEF”) which invests in climate-smart services, digital connectivity & Applications, low-carbon productivity enablers. Cygnum Capital Asset Management has over USD 1.44 billion of assets under management with investments in 38 African countries.

Media Contact

Flora Limukii

Head of Corporate Communications

communications@spironet.com

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