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Fund for Export Development in Africa (FEDA) Announces Strategic Investment in Spiro to Accelerate Africa’s Electric Mobility Transition
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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, Fromer 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
Distributed by APO Group on behalf of Afreximbank.Media Contact:
Vincent Musumba
Communications and Events Manager (Media Relations)
Email: press@afreximbank.com
About FEDA:
The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank (www.Afreximbank.com), 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, amongst 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, which operates the fastest growing battery swapping infrastructure in 6 countries in Africa. Spiro has a vision for transforming the African economies through substitution of expensive imported fossil fuel-based transportation into affordable, and accessible electric mobility solutions locally made in Africa, by Africans, for Africa & the world. This far, Spiro has achieved over 800 billion kms of CO2 free travel, crossed 26 million battery swaps and operated over 1200 battery swapping stations with more than 60,000 electric motor bikes in circulation. Through its expanding regional production network and operational assembling facilities in Uganda, Kenya, Nigeria and Rwanda, Spiro is committed to deliver affordable, locally manufactured electric mobility solutions at scale across Africa. For more information, visit: www.SpiroNet.com.
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