FEDA leads Africa’s largest electric two-wheeler investment
Africa’s e-mobility leader Spiro has raised $100 million in new funding, marking one of the largest-ever investments in the region’s electric motorcycle sector. The round was led by the Fund for Export Development in Africa (FEDA), the investment arm of Afreximbank, which contributed $75 million. The remaining capital came from an undisclosed venture investor.
The funds will fuel Spiro’s manufacturing growth, expansion of battery-swapping infrastructure, and rollout across multiple African countries. With this boost, the company aims to scale its battery-swapping stations from 1,200 to 3,500 by end-2025, targeting 100,000 electric motorcycles on the road within the same period.
Tackling charging and cost barriers with innovation
Spiro’s battery-swapping model allows riders to exchange depleted batteries for fully charged ones in minutes — a critical innovation for regions with unstable grids and limited charging networks. This solution reduces downtime, boosts efficiency, and cuts operational costs by up to 30% compared to petrol bikes, making EV adoption more accessible to local riders and businesses.
The company’s approach not only supports sustainable mobility but also strengthens economic participation by promoting local manufacturing and job creation within the green value chain.
Driving Africa’s clean industrialisation vision
FEDA’s investment underscores its commitment to accelerating Africa’s green energy transition. Backing Spiro reflects the continent’s growing confidence in scalable, clean-tech models that combine affordability, accessibility, and sustainability.
Spiro plans to expand further into Kenya, Rwanda, Togo, Benin, and Nigeria, alongside developing battery recycling and digital fleet management systems for predictive maintenance and real-time tracking.
With its rapid scaling and technology-driven approach, Spiro is redefining Africa’s electric mobility future — positioning itself as a catalyst for sustainable urban transport and a model for other emerging markets to follow.
