The global energy crisis sparked by war in the Middle East has supercharged African demand for electric vehicles, delivering a boost for China which dominates the market.
A surge in orders for electric motorbikes and buses assembled in numerous African countries using Chinese components has coincided with record fundraising by start-ups rolling out EV infrastructure worth around $300mn since last month.
Spiro, a Dubai-headquartered electric motorbike and battery-swapping company with the largest footprint across Africa, will on Monday announce $55mn in funding from New Trails Capital, a Chinese emerging markets and Belt and Road fund. Spiro already raised $215mn from Danish and Dubai-based funds last month.
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