Kigali, Rwanda// — The Fund for Export Development in Africa (FEDA), the development equity impact investment arm of African Export-Import Bank (Afreximbank) (www.Afreximbank.com), has announced a $75 million investment in Spiro, the leading electric two-wheel assembler in Africa with the fastest growing battery swapping infrastructure.
This investment is fully aligned with Afreximbank’s broader automotive strategy to develop integrated manufacturing ecosystems by fostering strategic partnerships across the entire value chain, from technology providers to local industrial champions.
The investment comes at a pivotal moment, benefiting from pro-electric vehicle policies across key African markets that are creating an enabling environment for clean mobility adoption. Against this backdrop, 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 said: “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, 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.”.”
Founded in 2022, Spiro operates Africa’s most extensive and fastest growing battery-swapping network, with more than 60,000 electric motorcycles and 1,200 swapping stations. The company has built a model that is 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.
