By Obinna Uballa
The Fund for Export Development in Africa (FEDA), the development equity investment arm of African Export-Import Bank (Afreximbank), has announced a $75 million strategic investment in Spiro, Africa’s leading electric two-wheel assembler and operator of the continent’s fastest-growing battery swapping network, according to a statement made available to The New Diplomat by the APO Group on behalf of the Afreximbank on Monday.
Founded in 2022, Spiro currently manages more than 60,000 electric motorcycles and 1,200 swapping stations across Africa. The company’s business model aims to accelerate the shift from fossil fuel-powered transport to cleaner, more efficient electric mobility while expanding affordable access to transportation for millions of Africans, the statement said.
The investment, the statement noted, is part of Afreximbank’s broader automotive strategy, which seeks to foster integrated manufacturing ecosystems, encourage technology transfer, and strengthen local industrial capacity across the continent. It also aligns with pro-electric vehicle policies in key African markets, which are driving adoption of sustainable mobility solutions.
Dr. George Elombi, President of Afreximbank and Chairman of FEDA, said the partnership “lays the groundwork for a new era of intra-African trade and industrialisation by stimulating local vehicle manufacturing, strengthening regional integration, and enhancing trade flows. Importantly, it creates employment, fosters skills and technology transfer, and reduces Africa’s reliance on imported second-hand vehicles.”
Gagan Gupta, Founder of Spiro, welcomed FEDA as a strategic investor, noting that the funding will accelerate the company’s expansion into new markets, scale its battery swapping infrastructure, and integrate renewable energy into its operations. “Spiro is uniquely positioned to transform mobility, energy storage, and distribution across Africa,” he said.
Marlene Ngoyi, CEO of FEDA, said the investment reflects the strong market demand for sustainable and affordable mobility solutions across Africa. “Spiro’s rapid growth and strong adoption demonstrate the commercial viability and social impact of its integrated approach,” she added.
The promoters say the investment marks a significant step toward Africa’s transition to clean transport, supporting the development of local electric vehicle manufacturing, reducing urban emissions, and enhancing energy efficiency.
