Nairobi, Feb. 15 -- Electric motorcycle company Spiro has secured a $7 million (Sh903 million) debt financing to accelerate the expansion of its electric bike fleet and battery-swapping network across Kenya and other African markets.

The funding comes from climate-focused financier Nithio through its Facility for Adaptation, Inclusion and Resilience fund, a private investment vehicle that backs firms providing household energy assets such as solar home systems and productive-use appliances. The capital will also bolster Spiro's working capital base.

Spiro Deputy Country Head for Kenya, Raymond Kitunga, said the company is targeting rapid scale-up of its battery-swapping stations, dealership network and after-sales support.

"We have 40 ...