FEDA Commits $75million in Spiro to Accelerate Africa’s Electric Mobility
The Fund for Export Development in Africa (FEDA), the impact investment platform of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com), has committed $75 million to Spiro, Africa’s foremost electric two-wheeler manufacturer and operator of the continent’s fastest-expanding battery-swapping network. This landmark equity investment reinforces Afreximbank’s ambitious automotive strategy, which aims to build end-to-end manufacturing ecosystems through strategic alliances that span technology innovators, component suppliers, and local industrial leaders.
A Timely Boost for Clean Mobility
The funding arrives as several African governments roll out supportive electric-vehicle policies, including tax incentives, import-duty waivers, and infrastructure mandates. These reforms are creating fertile ground for sustainable transport solutions. Spiro is ideally placed to capitalise on this momentum, scaling its proven swap-and-go model to drive Africa’s shift toward cleaner, more cost-effective urban mobility.
Leadership Voices
Dr. George Elombi, President of Afreximbank and Chairman of both Afreximbank and FEDA, stated:
“This partnership marks a defining moment. By backing Spiro, we are laying the foundation for a new chapter in intra-African trade and industrialisation. It will spur local vehicle production, deepen regional value chains, create thousands of skilled jobs, transfer cutting-edge technology, and reduce Africa’s dependence on imported used vehicles.”
Gagan Gupta, Founder of Spiro, added:
“FEDA’s strategic investment fuels our mission to reshape mobility and energy distribution across Africa. The continent’s hunger for affordable, green transport is undeniable. As we roll out more swapping stations and integrate renewable energy, Spiro is unlocking massive value in both mobility and distributed energy storage.”
Marlene Ngoyi, CEO of FEDA, remarked:
“Spiro’s explosive growth and market traction prove the viability of its integrated platform. It delivers commercial returns while tackling pressing social challenges—cleaner air, lower transport costs, and greater economic inclusion.”
Spiro: Transforming African Transport
Launched in 2022, Spiro has rapidly become the continent’s largest electric mobility provider. Key milestones include:
- Over 60,000 electric motorcycles on the road
- More than 1,200 battery-swapping stations
- 26 million battery swaps completed
- 800 billion kilometres of zero-emission travel
- Local assembly plants in Uganda, Kenya, Nigeria, and Rwanda
By replacing fossil-fuel bikes with locally built electric alternatives, Spiro is slashing urban pollution, cutting fuel bills for riders, and creating green jobs across the value chain. Visit www.SpiroNet.com for more details.
About FEDA
The Fund for Export Development in Africa (FEDA) is Afreximbank’s dedicated impact investment vehicle, bridging the continent’s multi-billion-dollar equity financing gap in trade-enabling sectors. FEDA targets intra-African trade, value-added exports, and manufacturing, with investments in financial services, technology, consumer goods, logistics, agribusiness, and trade-supporting infrastructure such as industrial parks. To date, FEDA has deployed over US$1.3 billion across manufacturing, agro-processing, healthcare, pharmaceuticals, and financial services.
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral institution dedicated to financing and promoting intra- and extra-African trade. For more than three decades, it has pioneered innovative financing tools that drive industrialisation and regional integration. A leading champion of the African Continental Free Trade Area (AfCFTA), Afreximbank launched the Pan-African Payment and Settlement System (PAPSS)—now the AU-adopted platform for AfCFTA transactions—and established a US$10 billion AfCFTA Adjustment Fund. As of December 2024, the Bank’s assets exceeded US$40.1 billion, with shareholder funds of US$7.2 billion. It holds investment-grade ratings from GCR (A), Moody’s (Baa2), CCXI (AAA), JCR (A-), and Fitch (BBB-). Headquartered in Cairo, Egypt, the Afreximbank Group includes FEDA and AfrexInsure.
This FEDA–Spiro partnership is more than an investment—it’s a powerful step toward sustainable, African-led industrialisation and a cleaner, more prosperous future for the continent’s 1.4 billion people.
