Spiro hits 1,000 sales in Uganda

• The company raised $50 million in May this year and targeted market expansion, with Uganda being the immediate focus. Other markets it has operations in include Benin, Togo, Nigeria, Kenya, and Rwanda.

• Last month, its financing partner, Yongeza Capital, partnered with Oryx Energies Uganda, an oil and gas company, to expand battery swap stations for Spiro motorcycles

• Our take: Financing is key to scaling up sales... Read more (2 min)

M-KOPA shifts focus to financing EVs

• The company entered into electric motorcycle financing in 2023, starting with Kenya, and has so far financed more than 1,500 electric motorcycles.

• M-KOPA wants to build on its successful history of providing accessible financing options for essential products to underbanked communities across Africa with electric motorbikes.

• Our take: Companies with huge capital bases stand a chance to compete better in the EV space... Read more (2 min)

EV funding slows in November 

• The three deals were geographically concentrated in two regions, two in North Africa (Egypt) and one in West Africa (Senegal). The deals were diverse in type: one pre-seed, one venture round, and one debt. 

• Surprisingly, East Africa, a traditional hub for e-mobility innovation, was absent from the fundraising table prepared by Africa The Big Deal. Also, no series A or larger-scale investments were recorded this month, further indicating the early-stage nature of the sector's players in Africa.

• Our take: Fewer companies raising funds reflects tighter venture capital conditions... Read more (2 min)

• SA’s EV opportunities: South Africa remains a compelling destination for electric vehicle manufacturing despite challenges such as load shedding and delayed policy implementation. The Industrial Development Corporation highlights opportunities beyond vehicle production, including EV batteries, micro-mobility, and public transport. Removing import duties could cut EV costs by up to 51%. (Tech Central)

• Morocco’s battery production potential: Chinese President Xi Jinping’s visit to Morocco shows China's strategic focus on expanding its EV supply chain in North Africa. Morocco’s proximity to European markets, green energy capabilities, and reserves of critical battery materials like lithium and phosphate have attracted significant Chinese investment, including Gotion High-Tech's $1.3 billion battery gigafactory and Shinzoom’s $690 million anode facility. (South China Morning Post)

• PickApp to enhance accessibility of EVs in Togo: PickApp, a Togolese EV startup, is launching a pilot of its EV ownership and ride-sharing platform in Lomé. Co-founded in 2023, the platform offers EV ownership on a pay-as-you-go basis and supports ride-sharing, alongside deploying EV charging terminals across Togo. The company plans to introduce 1,000 electric vehicles by 2030. (Disrupt Africa)

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