The Fund for Export Development in Africa (FEDA) has announced a $75 million strategic investment in Spiro, Africa’s leading electric two-wheeler company and the continent’s fastest-growing battery-swapping infrastructure provider.
FEDA is the development equity impact investment arm of the African Export-Import Bank (Afreximbank).
“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,” a statement on Afreximbank’s website on Monday stated.
This partnership, the statement said, comes at a time when pro-electric vehicle (EV) policies are being rolled out across several African nations, including Nigeria, Kenya, Rwanda, and Ghana.
Recall that, on November 5, the Nigerian Senate passed the second reading of a bill aimed at facilitating the country’s transition to electric vehicles (EVs) and promoting green mobility in the country.
What Afreximbank’s CEO said:
Commenting on the investment, President of Afreximbank and Chairman of the Board of Directors of Afreximbank and FEDA, Dr. George Elombi said the partnership signifies a major step toward deepening Africa’s industrial base and promoting intra-African trade.
“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,” Elombi noted.
For Gagan Gupta, Founder of Spiro, the investment will help accelerate Spiro’s mission to transform mobility and energy distribution across the continent.
“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,” Gupta stated.
According to Marlene Ngoyi, CEO of FEDA, Spiro’s success illustrates how African innovation can deliver both commercial returns and social impact.
Ngoyi said, “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.”
In July, the Federal Government launched new National Occupational Standards (NOS) for Compressed Natural Gas (CNG) and Electric Vehicles (EVs) as part of efforts to reposition Nigeria’s automotive industry and accelerate the country’s clean energy transition.
FEDA, according to its website, invests in a variety of sectors such as infrastructure, manufacturing, financial services, agribusiness, technology, as well as ancillary trade-enabling infrastructure such as industrial parks.
Founded in 2022, Spiro operates Africa’s largest battery-swapping network, with over 60,000 electric motorcycles and 1,200 swapping stations across several countries.