Nithio has provided financing to MAX, extending the Nigerian mobility company’s Series B3 funding round to $29 million as it accelerates the expansion of its electric mobility solutions and clean energy infrastructure across Africa.
Founded in 2015 and headquartered in Lagos, Nigeria, MAX operates an electric vehicle and battery subscription platform designed to make commercial transportation safer, more affordable and sustainable. Its integrated model combines vehicle and battery partnerships, charging infrastructure, fleet management technology, digital payments and financing to support commercial transport operators, known as “MAX Champions”.
The latest financing will support MAX’s deployment of electric two-wheelers through original equipment manufacturer (OEM) partners, including Spiro and NOVR. It will also help expand the company’s solar-powered charging and battery-swapping network across existing and new markets, strengthening access to electric mobility for commercial drivers.
MAX’s partnership with Spiro has supported the growth of its electric motorcycle fleet to nearly 7,000 units as part of a planned first-phase rollout of 10,000 vehicles. The company has also onboarded NOVR, whose batteries offer a range of more than 150 kilometres on a single charge. The partnership targets drivers in Tier 2 and Tier 3 cities, where battery-swapping infrastructure remains less widely available.
According to MAX, its combination of electric vehicles, solar-powered charging and battery-swapping infrastructure reduces drivers’ energy and maintenance costs by more than 40% compared with petrol-powered alternatives at current Nigerian fuel prices. Its energy network, which includes partner swap stations operated by Spiro and Kofa alongside MAX’s own infrastructure, comprises 288 battery cabinets across 143 swap locations.
The network is partly supported by 1 megawatt-peak (MWp) of solar photovoltaic generation capacity, which has produced more than 200,000 kilowatt-hours of clean energy to date. MAX also reports that its solar-powered energy hubs deliver a levelised cost of energy 50% below Nigeria’s Band A grid electricity tariff. Meanwhile, MAX Champions have completed more than 380,000 battery swaps, with monthly volumes approaching 77,000.
Beyond Nigeria, MAX is expanding its regional footprint through a partnership in Ghana with clean energy company Kofa and electric vehicle manufacturer TailG. The collaboration deploys electric vehicles supported by Kofa’s Swap & Go battery network, extending access to battery-swapping services in additional African markets.
Nithio said the investment aligns with its strategy of supporting scalable climate solutions that combine financial inclusion with economic opportunity. Raghav Sachdeva, Chief Investment Officer at Nithio, said: “MAX is building a scalable platform for cleaner and more affordable mobility across Africa. Its ability to combine technology, financing and operational expertise is helping transport operators access productive assets while improving the economics of their businesses.”
Adetayo Bamiduro, Co-founder and CEO of MAX, said the investment reinforces the company’s approach to integrating electric vehicles, digital technology and energy infrastructure to improve the economics of commercial transportation. He added: “These partnerships help us bring that infrastructure to more Champions, in more cities, faster.”
The financing builds on Nithio’s growing involvement in Africa’s electric mobility sector. Earlier in 2026, the investor committed $7 million to Spiro Mobility, marking its first direct investment in the sector.
The latest funding is expected to help MAX expand its electric vehicle deployment, strengthen its energy infrastructure and improve operating economics for commercial transport operators. The investment also supports the wider transition towards cleaner transportation while creating opportunities to improve affordability and financial inclusion across underserved African markets.
