FEDA Invests $75m in Spiro to Drive Africa’s E-Mobility
The Fund for Export Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank), has unveiled a strategic $75 million investment in Spiro, Africa’s leading assembler of electric two-wheelers and operator of the continent’s fastest-growing battery swapping network.
The investment forms part of Afreximbank’s wider automotive strategy to build integrated manufacturing ecosystems across Africa. By supporting local industrial champions and technology providers, the Bank aims to strengthen regional value chains, deepen intra-African trade, and accelerate sustainable industrialisation.
At a time when African governments are rolling out supportive electric vehicle policies, Spiro is well-placed to expand its operations. The company has already demonstrated successful scaling through its extensive swapping infrastructure and innovative business model, helping to drive the continent’s shift to cleaner and more efficient transport solutions.
Speaking on the announcement, Dr George Elombi, President of Afreximbank and Chairman of the Boards of Afreximbank and FEDA, described the investment as a milestone for the continent’s industrial growth.
“This partnership marks the beginning of a new era for intra-African trade and industrialisation. By stimulating local vehicle production, strengthening integration, and promoting technology and skills transfer, we are creating jobs and reducing Africa’s dependence on imported second-hand vehicles,” he said.
Spiro’s Founder, Gagan Gupta, welcomed FEDA as a strategic partner, emphasising the company’s mission to reshape mobility and energy use on the continent.
“Our rapid expansion into new markets signals Africa’s strong demand for clean, affordable transport. With a growing network of battery swapping stations and plans to integrate renewable energy, we aim to unlock considerable opportunity in energy distribution,” he noted.
FEDA CEO, Marlene Ngoyi, praised Spiro’s performance and its scalable commercial model. “The company’s impressive growth illustrates the rising appetite for sustainable mobility in Africa. Spiro has developed a solution that is both financially sound and socially transformative,” she said.
Founded in 2022, Spiro now operates the largest battery-swapping network in Africa, with more than 60,000 e-motorcycles and 1,200 swapping stations. Its business model is designed to reduce dependence on fossil fuels, cut urban emissions, enhance energy efficiency, and widen access to affordable transport for millions across the continent.
