Nithio Expands Its Portfolio with SPIRO

At Nithio, we invest in solutions that accelerate climate resilience and economic inclusion at
scale. Electric mobility is one of the most compelling opportunities to decarbonize Africa’s
transport sector while delivering immediate cost savings and productivity gains for millions of
people. Our latest investment through FAIR (the Facility for Adaptation, Inclusion and
Resilience) reflects this conviction.

FAIR has closed a USD 7 million senior debt working capital facility with Spiro Mobility,
marking our first direct investment in the e-mobility sector and an important milestone in
Nithio’s clean energy strategy across emerging markets.

Founded in 2022, Spiro Mobility has rapidly scaled to become one of the most significant e-
mobility platforms in Sub-Saharan Africa. The company deploys electric motorcycles alongside
a battery swapping network designed for high-utilization, commercial transport use cases – where
the economics of electrification are strongest.
Spiro currently operates across more than seven African markets, with:

• 80,000+ electric motorcycles on the road
• 2,500+ battery swap stations installed
• 4 operational assembling facilities
• A rapidly growing base of riders benefiting from lower charging costs, reduced
  maintenance, and improved earnings

“By replacing petrol-powered motorcycles, one of the most widespread and polluting forms of
transport in African cities, Spiro is accelerating the transition to clean mobility in a way that is
practical and affordable. This progress is made possible not only through innovation, but also through supportive public policies that encourage EV adoption, enable battery-swapping
infrastructure, and create a stable environment for long-term investment. When forward-thinking
regulation and private sector action work together, electric mobility can scale rapidly, cutting
emissions while delivering healthier cities and stronger economic opportunities for communities
across the continent.”

– Kaushik Burman, CEO, Spiro

Transport emissions are rising rapidly across Africa, driven by urbanization and demand for
affordable mobility. At the same time, electric two-wheelers have reached a tipping point: they
are already cheaper to operate than internal combustion alternatives and can be deployed quickly
with the right infrastructure and financing.

At Nithio, we view e-mobility as:

• A scalable and commercially proven climate solution
• A pathway to inclusive growth, particularly for informal and gig-economy workers
• A sector ready for institutional capital to support disciplined, sustainable expansion

FAIR’s mandate is to back precisely these kinds of solutions, i.e. businesses that combine strong
unit economics with measurable climate and development outcomes.

This investment will support Spiro’s expansion of its electric motorcycle fleet and battery
swapping infrastructure across existing and new markets. It will also strengthen the company’s
working capital base as it scales operations to meet growing demand for clean, reliable, and
affordable mobility.

“Spiro is one of the largest and fastest-growing players in the pan-African e-mobility market,”
said Raghav Sachdeva, Chief Investment Officer at Nithio. “They have demonstrated that
electric mobility can scale rapidly while delivering real economic value to riders and meaningful emissions reductions. We are proud to support Spiro’s continued growth and see e-mobility as a critical pillar of Africa’s clean energy transition.”

FAIR’s investment in Spiro reflects our broader belief that Africa’s climate transition will be
driven by practical, market-ready solutions that improve lives today while building long-term
resilience. As electric mobility continues to scale across the continent, Nithio remains committed
to partnering with leading operators who are shaping a cleaner, more inclusive transport future.

Spiro is Africa’s largest electric mobility company, operating the continent’s most extensive and
fastest growing network of battery-swapping for electric two-wheel vehicles. With more than
80,000 electric motorcycles, over 2500 battery swapping stations and more than 30 million
battery swaps to date, Spiro has achieved over 1 billion kms of low-carbon emissions travel,
transforming mobility and economies through substituting expensive imported fossil fuelbased
transportation with affordable, accessible and sustainble 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
& the world. For more information, visit https://www.spironet.com.