FEDA committs $75 million to boost Africa’s electric mobility through Spiro

The Fund for Export Development in Africa (FEDA), the private equity and impact investment arm of the African Export-Import Bank (Afreximbank), has injected US$75 million into Spiro, a fast-growing electric two-wheeler assembler, in a deal aimed at deepening Africa’s clean mobility sector and reducing dependence on fossil fuels.

The investment, announced on Monday in an statement, aligns with Afreximbank’s broader automotive strategy aimed at developing integrated manufacturing ecosystems across Africa through strategic partnerships linking technology providers and local industrial players.

According to a statement, FEDA’s commitment comes as several African governments adopt pro-electric vehicle policies, creating an enabling environment for clean transport innovation.

The funding will enable Spiro to expand its rapidly growing battery-swapping network and scale production to meet rising demand across the region.

Afreximbank President and FEDA Board Chairman, Dr. George Elombi, said the partnership represented a major step toward industrialisation and 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,” Elombi said.

He said: “Importantly, it fosters skills and technology transfer, creates employment opportunities, and reduces the continent’s reliance on imported second-hand vehicles.”

Spiro founder, Gagan Gupta, described FEDA’s investment as a catalyst for the company’s expansion and mission to transform mobility and energy distribution across the continent.

“Spiro’s rapid expansion into new markets reflects Africa’s strong appetite for clean, affordable, and efficient transportation,” Gupta said.

“As we grow our battery-swapping infrastructure and integrate renewable energy sources, we are unlocking substantial potential in Spiro’s energy distribution network,” he said.

FEDA Chief Executive Officer, Marlene Ngoyi, said Spiro’s track record demonstrated the scalability of its business model and the strong market demand for sustainable transport solutions.

“Spiro has built a platform that is both commercially viable and socially impactful,” Ngoyi said.

Founded in 2022, Spiro operates over 60,000 electric motorcycles and 1,200 battery-swapping stations across Africa — the largest network of its kind on the continent.

Its model aims to reduce reliance on fossil fuels, cut urban emissions, and make affordable mobility accessible to millions of Africans.

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