The Fund for Export Development in Africa (FEDA), the impact investment arm of the African Export-Import Bank (Afreximbank), said on Monday it has invested $75 million in Spiro, Africa’s largest electric motorcycle and battery-swapping company, to support the continent’s shift toward clean mobility.
Founded in 2022, Spiro operates more than 60,000 electric motorcycles and 1,200 battery-swapping stations across six African countries. The company’s model allows riders to exchange depleted batteries for fully charged ones within minutes, a system designed to reduce costs and emissions while improving transport efficiency in African cities.
The investment forms part of Afreximbank’s strategy to build integrated automotive and manufacturing ecosystems across Africa and promote intra-African trade.
“With this partnership, 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,” said Dr. George Elombi, President of Afreximbank and Chairman of FEDA’s Board. “It fosters skills and technology transfer, creates employment, and reduces reliance on imported second-hand vehicles.”
Spiro, founded by industrialist Gagan Gupta, has expanded rapidly across East and West Africa, setting up assembly and production facilities in Uganda, Kenya, Nigeria and Rwanda.
“We are proud to welcome FEDA as a strategic investor as we expand our battery-swapping infrastructure and integrate renewable energy sources into our energy mix,” Gupta said. “This partnership positions Spiro to unlock substantial value in energy distribution across Africa.”
FEDA Chief Executive Marlene Ngoyi said the company’s performance demonstrates strong demand for affordable electric transport across the continent.
“Spiro’s success to date is a clear demonstration of the strength and scalability of its business model,” she said. “With its integrated approach, Spiro has built a platform that is both commercially viable and socially impactful.”
The move comes as African governments introduce policies to encourage the adoption of electric vehicles, supported by cheaper renewable power and growing investment in transport electrification.
Afreximbank, which had total assets and contingencies of over $40 billion at end-2024, has invested more than $1.3 billion through FEDA in sectors including manufacturing, financial services, healthcare and technology.
Spiro says it has enabled over 800 billion kilometres of carbon-free travel and completed 26 million battery swaps, with plans to scale operations to new markets.
