Spiro expands operations to its third city in Kenya

• The company has been in operation since 2022 in Benin and has rapidly expanded to operate in Togo, Kenya, Nigeria, Uganda, Rwanda and Ghana and raised over $130 million in funding. 

• To date, they have sold over 15,000 electric motorcycles across the continent, including 1,500 in Kenya.

• Our take: Success in this market won't be based solely on demand… Read more (2 min)

Mogo Uganda receives $5.2 million loan from Absa bank

• Mogo entered the market in 2021 and currently finances e-motorcycles from Zembo and Spiro and e-bicycles from eBee.

• To date, they have financed over 870 electric motorcycles in Uganda.

• Our take: Achieving scale needs to start somewhere, and the market needs risk-takers to demonstrate it can work… Read more (2 min)

Who invested in African EV firms last month?

• Equity investors included: Africa50, Novastar Ventures, CFAO Kenya Limited, Mobility 54, SBI Investment, Trucks.vc, Moxxie Ventures, Susquehanna Foundation, 500 Global, Untapped Global and angel investors.

• Debt was issued by DFC (the US government) and BII (the UK government), while grants came from UK Freight Innovation Fund and Rwanda Green Fund.

• Our take: Good to see a global specialist fund invest in African mobility… Read more (2 min)

• Proposed EV incentives in SA: Plans to boost EV adoption with subsidies, including $2,280 discounts for plug-in hybrids and $4,500 on fully electric cars until 2030 or 2035 respectively are underway in South Africa. This initiative, proposed by the country’s automotive manufacturers association Naamsa, aims to close the price gap between NEVs and ICE vehicles, increasing NEV sales from 1.45% in 2023 to an estimated 20% by 2025 and potentially reaching 60% by 2035. (MyBroadband)

• New EV battery tech shifts cobalt’s demand: China's CMOC Group, the world’s largest cobalt miner with major operations in the DRC, warns that cobalt's role in EV batteries is shrinking as cobalt-free lithium iron phosphate (LFP) batteries grow more popular. The proportion of EV batteries using cobalt in China is projected to fall to 31% in 2024. This trend shows EV manufacturers are shifting to more cost-effective alternatives. (Miningweekly)

• Uganda’s EV traction: The country’s shift to electric vehicles (EVs) is gaining momentum, with charging costs as low as $4 to $5 per 300km compared to over $27 for fossil fuel vehicles. E-bikes in Uganda save users $41 monthly on fuel and maintenance, and each prevents 2.5 tons of carbon emissions annually. Uganda is setting up for rapid EV adoption with an expanding infrastructure of 50 charging stations by 2025 and enough hydroelectric capacity to support 200,000 EVs by 2026. (Monitor)