The Fund for Export Development in Africa (FEDA), the equity investment arm of the African Export-Import Bank (Afreximbank), has invested $75 million in Spiro, the continent’s leading electric two-wheel assembler.
The funding will support the company’s rapid expansion of battery swapping infrastructure and aligns with Afreximbank’s broader strategy to build integrated automotive manufacturing ecosystems across Africa.
Dr. George Elombi, President of Afreximbank and FEDA chairman, said the partnership will drive “a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows,” while fostering technology transfer and job creation.
Spiro, founded in 2022, operates more than 60,000 electric motorcycles across 1,200 battery swapping stations, making it the largest network on the continent. Founder Gagan Gupta noted the company’s growth reflects “Africa’s strong appetite for clean, affordable, and efficient transportation,” adding that integrating renewable energy into its operations will unlock further opportunities in energy distribution.
Marlene Ngoyi, FEDA CEO, described Spiro as “commercially viable and socially impactful,” highlighting the company’s rapid adoption in multiple African markets as evidence of rising demand for sustainable mobility solutions.
The investment arrives at a time when pro-electric vehicle policies are being adopted across key African markets, creating an enabling environment for clean mobility. The funding will allow Spiro to scale its network, reduce reliance on fossil fuels, and expand affordable mobility access, positioning the company as a potential regional leader in green transportation and energy storage.
