Joy Agwunobi
The Fund for Export Development in Africa (FEDA), the development equity and impact investment arm of the African Export-Import Bank (Afreximbank), has announced a $75 million investment in Spiro, Africa’s leading electric two-wheeler company, in a move set to fast-track the continent’s transition toward clean and sustainable mobility.
The investment marks a major step in Afreximbank’s broader automotive and industrialisation strategy, aimed at building integrated manufacturing ecosystems across Africa by fostering partnerships that span the entire value chain from technology providers and energy innovators to local industrial champions.
According to FEDA, the funding comes as several African governments introduce pro-electric vehicle (EV) policies to encourage adoption and reduce carbon emissions. This enabling policy environment, coupled with Spiro’s established battery-swapping model and expanding network, positions the company as a key driver in redefining Africa’s transportation future.
George Elombi, president of Afreximbank and chairman of the Boards of Afreximbank and FEDA, described the partnership as a cornerstone of Africa’s industrial and trade evolution.
“The partnership between FEDA and Spiro has now been consummated. With this collaboration, the Bank is laying the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows,” Elombi said, adding “Importantly, it fosters skills and technology transfer, creates employment opportunities, and reduces the continent’s dependence on imported second-hand vehicles.”
Founded in 2022, Spiro has quickly become a dominant player in Africa’s electric vehicle space, operating the continent’s largest and fastest-growing battery-swapping network with over 60,000 electric motorcycles and 1,200 battery swapping stations spread across key markets.
Gagan Gupta, founder of Spiro, expressed optimism that the FEDA investment would accelerate the company’s next phase of expansion.
“We are proud to welcome FEDA as an investor as we accelerate the growth of Spiro’s mission to transform mobility, energy storage, and distribution across Africa. Spiro’s rapid expansion into new markets reflects the continent’s strong appetite for clean, affordable, and efficient transportation. As we scale our battery-swapping infrastructure and integrate renewable energy sources into our energy mix, we aim to unlock even greater potential in Africa’s energy distribution ecosystem,”Gupta said.
Marlene Ngoyi, chief executive officer of FEDA, noted that the investment reflects confidence in Spiro’s business model and its capacity to drive large-scale change in Africa’s transport and energy sectors.
“The company’s rapid growth and strong market adoption highlight the rising demand for affordable, sustainable mobility solutions across Africa. With its integrated approach, Spiro has built a platform that is both commercially viable and socially impactful,” Ngoyi said.
FEDA’s investment in Spiro further reinforces Afreximbank’s commitment to advancing green industrialisation, technology transfer, and intra-African trade, in line with the objectives of the African Continental Free Trade Area (AfCFTA).
By channeling capital into innovative clean mobility ventures, Afreximbank aims to reduce Africa’s reliance on imported fossil-fuel vehicles, strengthen local value chains, and position the continent as a global player in next-generation transportation technologies.
With the support of FEDA, Spiro’s ongoing expansion is expected to boost renewable energy integration, and establish Africa as a key frontier for sustainable, tech-driven mobility solutions.
