TCL is monitoring these companies for their strategic relevance to Africa’s energy transition. Expanded profiles will follow in future editions.
Signal Watch highlights climate and energy companies TCL believes deserve closer attention from investors, policymakers, and project developers operating in African markets.
This edition is based exclusively on publicly available information. Where responses to TCL’s institutional questionnaire were not available before publication, profiles have been compiled from company websites, regulatory filings, development finance institution announcements, public interviews, media reporting, and investor disclosures.
Where deployment figures, funding totals, or future targets originate from company disclosures, they are identified as company-reported. Where figures are targets or estimates rather than measured outcomes, they are identified as Projected or Programme estimate. Signal Watch profiles are updated as new information becomes available.
Widely regarded as one of Africa’s largest electric motorcycle and battery-swapping networks. More than 100,000 motorcycles deployed (company-reported), 2,500+ swap stations, seven countries.
| Information | Detail | Source | Confidence |
|---|---|---|---|
| Founded | 2022 | Company / Wikipedia / TechCabal | High |
| Legal HQ | Dubai, UAE (subsidiary of Equitane Group) | Company disclosures | High |
| Operational HQ | Nairobi, Kenya | Company / Business Daily Africa | High |
| CEO | Kaushik Burman | Company announcements | High |
| Founder | Gagan Gupta (Equitane Group) | Wikipedia / TechCabal | High |
| Total funding | More than $552 million (equity, debt, and credit facilities combined — company-reported) | Business Daily Africa, Jun 2026 / TechCabal, Oct 2025 | High |
| Motorcycles deployed | More than 100,000 (company-reported) | Company announcements, Jun 2026 | Medium |
| Swap stations | More than 2,500 (company-reported) | Company announcements, Jun 2026 | Medium |
| Battery swaps completed | More than 30 million (company-reported) | Company announcements, 2026 | Medium |
| Countries of operation | Kenya, Uganda, Rwanda, Nigeria, Togo, Benin, Cameroon | Multiple verified sources | High |
| Kenya market share | 60% of new electric motorcycle sales in 2025 (company-reported); 15.3% of all new motorcycle registrations | CleanTechnica / KNBS Economic Survey, 2025 | Medium |
| Emissions reduction | 72% lower lifecycle emissions vs petrol (independently verified lifecycle assessment, Kenya) | ESG Today / company LCA, 2025 | High |
| Business model | Lease-to-Own motorcycles; Battery-as-a-Service subscription; Pay-per-Swap | Multiple public sources | High |
| Local manufacturing | Assembly plants in Kenya, Rwanda, Uganda using CKD kits. Battery recycling facility in Nigeria. | TechCabal / Business Daily Africa | High |
The unit economics case for electric motorcycles in African cities is not speculative. Motorcycle taxi operators across East and West Africa typically earn between $10 and $15 per day. Petrol costs absorb 40 to 60% of that income. Spiro’s battery-as-a-service model aims to reduce daily fuel cost to under $2, leaving riders materially better off from the point of adoption. The KES 290 (approximately $2.24) swap cost in Kenya is the price point that makes that arithmetic work.
Kenya illustrates how the model can scale under supportive market conditions. Electric motorcycles accounted for 0.5% of new registrations in 2021. By 2025 that figure had reached 15.3%. Of the 25,277 electric motorcycles sold in Kenya in 2025, Spiro reports more than 15,000 were its own. Spiro now reports over 400 swap stations in Kenya and 500 active sites in Rwanda. These are company-reported figures; independent verification is not available at the time of publication.
The battery-swapping infrastructure model carries one structural advantage in African cities specifically: grid unreliability is not a barrier to operation. A rider whose area lost power overnight can still exchange a charged battery at a station with backup supply or solar. That feature makes the network more resilient to the power infrastructure conditions that complicate standard EV charging deployment.
The June 2026 NewTrails Capital investment and planned Nairobi R&D centre signal a manufacturing localisation strategy. Spiro acquired UK engineering firm Coexlion and intends to design motorcycles for African road conditions rather than adapting Chinese-designed knockdown kits. This is the early industrialisation argument that worked for automotive sectors in other markets. Whether it delivers cost advantages or absorbs capital without equivalent return is the open test.
The capital trajectory carries its own signal. Afreximbank, Société Générale, Impact Fund Denmark, and NewTrails Capital are institutions with their own due diligence requirements. Sequential participation across multiple rounds at increasing scale indicates a company passing financial reporting tests, not only impact assessments. That is a different risk category from concessional-only-funded ventures.
Nigeria is the market TCL is watching most closely. Spiro has a presence but has not reported East Africa-equivalent traction. Nigeria’s motorcycle market is several times larger by volume, but the operating environment is more complex: weaker grid reliability, fewer policy tailwinds, and a more fragmented distribution environment. Whether Nigeria follows the Kenya trajectory is the strongest signal of the model’s portability.
Spiro is past proof of concept. The Kenya data, 15.3% electric motorcycle market share in four years from a standing start, is among the fastest clean transport transitions recorded in any developing market. The open questions are margin structure at scale: whether battery-as-a-service pricing covers long-run depreciation and station maintenance without continuous capital injection, and whether the Coexlion manufacturing localisation bet generates cost advantages or absorbs capital. At $552 million raised (company-reported), the next milestone is demonstrating unit economics that work without concessional financing.
"Demand for Spiro’s innovative, industry-leading battery swapping infrastructure continues to grow and is reshaping mobility in Africa by providing reliable, clean transportation options across the continent."
Kaushik Burman · CEO, Spiro · Company statement, February 2026
Solar-powered cold chain infrastructure at the Nigerian farm gate. Repurposing end-of-life diesel generators to address post-harvest loss in smallholder agriculture.
| Information | Detail | Source | Confidence |
|---|---|---|---|
| Founded | 2019 | Company website / Crunchbase | High |
| HQ | Epe, Lagos State, Nigeria | ARE case study / Nairametrics | High |
| Managing Director | Adekoyejo Kuye | Multiple public sources | High |
| Business type | EPC (Engineering, Procurement, and Construction) company | Company website | High |
| CoolCycle patent | Patented in Nigeria. 12-ton mini-packhouse off-grid solar cold room. | Nairametrics, May 2025 / ARE case study | High |
| SoCool product | Solar cooling hub with ML-based digital aggregation platform for farmer-to-buyer connections | University of Hertfordshire / Nairametrics | High |
| ZE-Gen prize | $50,000 top prize, ZE-Gen Circularity Challenge 2023 (Carbon Trust / Innovate UK) | ZE-Gen / YSDN press release, Dec 2023 | High |
| HARVIST funding | $2.1 million blended capital (UNEP 3DEN Phase II, IEA co-implementation, Italy MASE support) | ARE / LinkedIn / BusinessDay NG, May 2026 | High |
| Farmers served to date | More than 2,500 (company-reported) | Moonshot Awards shortlist, Nov 2025 | Medium |
| Clean power generated | 1.5 MW across operational sites (company-reported) | Moonshot Awards shortlist, Nov 2025 | Medium |
| Operational units | Two CoolCycle units and two SoCool units in Epe, Lagos State | BusinessDay NG / ARE case study | High |
According to FAO and Nigerian agriculture estimates, Nigeria loses 40 to 45% of fresh produce to post-harvest spoilage annually. The country harvests an estimated 3.9 million tonnes of tomatoes each year and loses a significant share before reaching buyers. The causes are compound: unreliable power at the farm gate, limited cold storage within viable transport distance of smallholder plots, and fragmented logistics chains without the speed infrastructure perishables require.
KAMIM Technologies seeks to address that compound failure through solar-powered cold chain infrastructure deployed at the farm gate. It targets an estimated 60 million smallholder farmers in Nigeria, a figure cited widely in agricultural literature though definitions of smallholder vary by source. The productive-use energy angle is what separates KAMIM from a standard off-grid solar EPC: the cold room is not an energy product; it is an agricultural market access product powered by solar energy.
The CoolCycle innovation is technically differentiated on a dimension that matters in the Nigerian context. It is built from repurposed components of end-of-life diesel generators, which addresses the generator waste problem and the cold storage infrastructure gap in a single design. The ZE-Gen Circularity Challenge panel, which included representatives from the African Circular Economy Network and All On, selected it as the winner from a competitive field that included Husk Power and Nevadic Solar. That validation carries more weight than internal company claims.
KAMIM was appointed as Nigeria delivery lead for HARVIST, a $2.1 million blended capital programme under the UNEP 3DEN Phase II framework, co-implemented with the IEA and with support from Italy’s Ministry of Environment and Energy Security. The programme runs to late 2028. HARVIST deploys modular clean-energy hubs designed to integrate solar cold storage, smart irrigation, IoT monitoring, AI analytics, and digital market access tools across Nigerian agricultural corridors.
Off-grid solar cold room with 12-ton mini-packhouse capacity. Designed from repurposed components of end-of-life diesel generators. $50,000 ZE-Gen prize winner (2023). Patented in Nigeria. Two units operational in Epe, Lagos State. Technical specification: 15 kWp solar with 30 kWh lithium-ion battery backup (ARE case study).
Solar cooling hubs paired with a machine-learning aggregation platform aimed at connecting farmers to bulk buyers. Developed in partnership with University of Hertfordshire, Yaba College of Technology, and University of Bolton. Two units operational in Lagos State. The ML platform provides commodity price guides and digital buyer access.
KAMIM operates at an intersection most agritech and energy access investors treat as separate: productive-use solar and agricultural cold chain logistics. The CoolCycle design, which repurposes decommissioned generator components to build cold room infrastructure, is technically differentiated and not easily replicated by importing a standard container cold room. The independent ZE-Gen validation panel’s selection of CoolCycle over Husk Power and Nevadic Solar carries meaningful weight.
HARVIST provides a 24-month funded delivery mandate with UNEP and IEA co-implementation. That is the execution track record DFI and impact investors need to see before committing growth capital. The institutional co-signatories serve as a credibility marker beyond the funding itself.
At this stage, all impact metrics are programme estimates, not measured outcomes. TCL will track whether HARVIST MRV data confirms the projections by late 2027. The more significant commercial question is post-2028 viability: whether the model generates sufficient revenue at farmer-accessible prices to sustain operations without concessional support.
If HARVIST MRV data confirms its projected metrics by Q4 2027 and KAMIM demonstrates a unit economics model that does not require concessional capital to sustain post-2028, it becomes one of the more fundable productive-use solar plays in the Nigerian market. The business case rests on a real and large market failure, the technology has credible independent validation, and the institutional programme partnerships carry weight with DFI audiences. The open test is post-grant commercial viability at farmer-accessible pricing. TCL will not be in a position to assess that until MRV data is available.
"Every harvest season, we meet farmers who did everything right but still lose income because the infrastructure is not there. Power is unreliable. Cold storage is limited. Markets are far. Farmers do not need another pilot that looks good on paper. They need power that stays on, cold rooms that preserve quality, and market access that is transparent."
Adekoyejo Kuye · Managing Director, KAMIM Technologies · LinkedIn post / BusinessDay NG, May 2026