Strategic Investment in African Electric Mobility
The Fund for Export Development in Africa (FEDA), a key development equity impact investment arm of the African Export-Import Bank (Afreximbank), has made a significant $75 million investment in Spiro, a leading electric two-wheel assembler in Africa. This move marks a pivotal step in Afreximbank’s broader automotive strategy, aimed at developing integrated manufacturing ecosystems by fostering strategic partnerships across the entire value chain—from technology providers to local industrial champions.
This investment is timely, as it aligns with pro-electric vehicle policies in key African markets that are creating an enabling environment for clean mobility adoption. Spiro is uniquely positioned to scale rapidly, leveraging its proven business model and expanding battery swapping infrastructure to become a key driver of Africa’s transition to a cleaner, more efficient mobility future.
Dr. George Elombi, President of Afreximbank and Chairman of the Board of Directors of Afreximbank and FEDA, commented: “I am delighted that the partnership between FEDA and Spiro has now been consummated. 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. Importantly, it fosters skills and technology transfer as well as creates employment opportunities and reduces the continent’s reliance on imported second-hand vehicles.”
Gagan Gupta, Founder of Spiro, added: “We are proud to welcome FEDA as a strategic investor as we accelerate the growth of Spiro’s mission to transform mobility, energy storage, and distribution across Africa. Spiro’s rapid expansion into new markets reflects the continent’s strong appetite for clean, affordable, and efficient transportation. As we expand our battery swapping infrastructure and integrate renewable energy sources into our energy mix, we are positioned to unlock substantial upside in Spiro’s energy distribution.”
Marlene Ngoyi, CEO of FEDA, noted: “Spiro’s success to date is a clear demonstration of the strength and scalability of its business model. The company’s rapid growth and strong market adoption underscore the significant demand for affordable, sustainable mobility solutions across Africa. With its integrated approach, Spiro has built a platform that is both commercially viable and socially impactful.”
Professor Benedict Oramah, former President of Afreximbank, echoed similar sentiments: “I am delighted that the partnership between FEDA and Spiro has now been consummated. 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. Importantly, it fosters skills and technology transfer as well as creates employment opportunities and reduces the continent’s reliance on imported second-hand vehicles.”
A Vision for Sustainable Mobility
Founded in 2022, Spiro operates Africa’s most extensive and fastest-growing battery-swapping network, with over 60,000 electric motorcycles and 1,200 swapping stations. The company has built a model designed to accelerate the transition away from fossil fuel-based transport while enhancing energy efficiency, lowering urban emissions, and expanding affordable access to mobility for millions of Africans.
Spiro’s vision is to transform African economies by substituting expensive imported fossil fuel-based transportation with affordable, accessible electric mobility solutions that are locally made in Africa. To date, Spiro has achieved over 800 billion kilometers of CO₂-free travel, completed more than 26 million battery swaps, and operated over 1,200 battery swapping stations with more than 60,000 electric motorcycles in circulation.
Through its expanding regional production network and operational assembling facilities in Uganda, Kenya, Nigeria, and Rwanda, Spiro is committed to delivering affordable, locally manufactured electric mobility solutions at scale across Africa.
About FEDA
The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank, set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap—particularly in equity—needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain, which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.
To date, FEDA has invested more than US$1.3 billion in companies and projects across its various fund initiatives, in sectors such as manufacturing, agro-processing, financial services, healthcare, and pharmaceuticals, among others.
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa.
A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA.
At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-), and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
About Spiro
Spiro is the largest electric mobility company in Africa, operating the fastest-growing battery swapping infrastructure in six countries across the continent. Spiro has a vision for transforming the African economies through the substitution of expensive imported fossil fuel-based transportation into affordable and accessible electric mobility solutions locally made in Africa, by Africans, for Africa and the world.
This far, Spiro has achieved over 800 billion kilometers of CO₂-free travel, crossed 26 million battery swaps, and operated over 1,200 battery swapping stations with more than 60,000 electric motorbikes in circulation. Through its expanding regional production network and operational assembling facilities in Uganda, Kenya, Nigeria, and Rwanda, Spiro is committed to delivering affordable, locally manufactured electric mobility solutions at scale across Africa.
For more information, visit: https://www.spironet.com.