Spiro, an electric vehicle (EV) company, has announced its expansion into Ogun State, Nigeria, with the goal of revolutionizing the country’s transportation landscape through electrification.
The company, which specializes in electric vehicles and innovative battery-swapping technology, is set to extend its operations across various local governments within the state. This strategic move is the fruition of a proposal that was initiated six months ago and has since garnered support from Governor Dapo Abiodun.
As a manufacturer of two-wheeler EVs, Spiro is acclaimed for its state-of-the-art State of Charge (SoC) technology. This technology enables riders to access a network of swapping stations, as well as both fast and slow charging options, including convenient remote (home) charging solutions. These services are designed to not only elevate the riding experience but also to promote environmentally friendly transportation.
With a presence already established in several sub-Saharan African countries, including Togo, Benin, Uganda, Kenya, and Ghana, where it has installed over 18,000 electric motorbikes, Spiro is now looking to deploy its services in eight districts across Nigeria. Key areas of focus include Abeokuta, Lagos, Abuja, and Oyo states.
Originally founded in 2019 under the name M Auto Electric, Spiro has a history of contributing to the auto-rickshaw industry and advocating for gender inclusion in transportation for eight years.
One of the hallmark features of Spiro’s service is the SoC billing system, which ensures a fair and transparent charging model for customers. Rather than charging for a full battery regardless of actual usage, the system calculates the cost based on the precise amount of charge added to the battery, ensuring customers pay only for what they consume.
Spiro’s first stage of deployment in Abeokuta has seen the setup of three battery swap stations located at MKO Abiola stadium, Pansheke skating ground, and Oke Sokori. Each station offers services for charging 24 batteries, culminating in a network capacity of 72 chargeable batteries throughout these locations.
In pursuit of expanding the reach of sustainable energy solutions, Spiro has formed alliances with Max, Dot, and Onocon, organizations that are equally dedicated to the advancement of clean, green energy technologies for eco-friendly transportation.
Furthering its mission, in May 2024, Spiro secured a substantial $50 million in debt financing from Afreximbank. This funding from the esteemed pan-African financial institution is intended to expedite Spiro’s growth into additional African markets, including Cameroon and Morocco.
The shift towards electric vehicles, as advocated by Spiro, is a timely response to Nigeria’s 7% annual increase in greenhouse gas emissions. Embracing EV technology is expected to not only improve air quality in urban areas but also diminish the country’s dependence on imported fuel and contribute to global climate change mitigation by decarbonizing the transport sector.
