FEDA backs Spiro with $75m to boost Africa’s electric mobility

 The Fund for Export Development in Africa (FEDA), the development equity arm of African Export-Import Bank (Afreximbank), has announced a $75 million investment in Spiro, Africa’s fastest-growing electric two-wheel assembler and battery-swapping operator.

Founded in 2022, Spiro operates over 60,000 electric motorcycles and 1,200 battery-swapping stations across the continent. The company’s business model is designed to accelerate Africa’s transition from fossil fuel transport to cleaner, more efficient mobility while expanding access to affordable electric vehicles.

The investment, according to an Afreximbank statement, is part of Afreximbank’s broader strategy to strengthen Africa’s automotive ecosystem, promote technology transfer, and support local manufacturing. It also capitalises on pro-electric vehicle policies in key African markets that are driving demand for sustainable transport solutions.

Dr. George Elombi, President of Afreximbank and FEDA Chairman, said the partnership “lays the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle production, fostering skills and technology transfer, creating jobs, and reducing dependence on imported second-hand vehicles.”

Spiro Founder Gagan Gupta described the investment as a key enabler for the company’s expansion into new markets, scaling its battery swapping network, and integrating renewable energy into its operations. “Spiro is positioned to transform mobility, energy storage, and distribution across Africa,” he said.

Marlene Ngoyi, FEDA CEO, said the investment reflects the high demand for affordable, sustainable mobility solutions across Africa. “Spiro’s rapid growth and market adoption demonstrate the commercial and social impact of its integrated model,” she added.

The investment is expected to play a pivotal role in reducing urban emissions, improving energy efficiency, and accelerating Africa’s adoption of clean transportation, with Spiro’s extensive network offering a scalable blueprint for sustainable mobility across the continent.