Nithio has invested in MAX, extending the Nigerian electric mobility company’s Series B3 funding round to $29 million as it scales electric two-wheelers, solar-powered charging and battery-swapping infrastructure across African markets.
The financing will support MAX’s rollout of electric motorcycles through original equipment manufacturer (OEM) partners Spiro and NOVR, alongside the expansion of its charging and battery-swapping network in existing and new markets. The company is targeting commercial transport operators who depend on motorcycles for their livelihoods and face rising operating costs.
Founded in 2015 and headquartered in Lagos, MAX operates a vehicle and battery subscription platform that combines electric mobility, digital payments, fleet management, financing and energy infrastructure. Its model is designed to help commercial drivers access vehicles while reducing the cost of running their businesses.
The company’s electric motorcycle fleet has expanded through partnerships with manufacturers and energy providers. Its Spiro fleet has grown to nearly 7,000 units under a first-phase rollout targeting 10,000 units. MAX has also brought NOVR into its network, with the manufacturer’s batteries offering a range of more than 150 kilometres on a single charge.
The NOVR partnership is aimed at drivers in Tier 2 and Tier 3 cities, where battery-swapping infrastructure remains less widely available. Expanding access to charging facilities and battery exchanges is central to MAX’s effort to make electric motorcycles practical for commercial use beyond major urban centres.
According to MAX, combining electric vehicles with 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 wider energy network includes partner-operated swap stations run by Spiro and Kofa, as well as MAX’s own facilities. The network currently comprises 288 battery cabinets across 143 swap locations, supported in part by 1 megawatt-peak (MWp) of solar photovoltaic capacity. The solar installations have generated more than 200,000 kilowatt-hours of clean energy to date.
MAX said its solar-powered energy hubs deliver a levelised cost of energy 50% below Nigeria’s Band A grid electricity tariff. Drivers using the network, known as MAX Champions, have completed more than 380,000 battery swaps, with monthly volumes approaching 77,000.
The company is also extending its model beyond Nigeria. In Ghana, it has partnered with clean energy company Kofa and electric vehicle manufacturer TailG to deploy electric vehicles supported by Kofa’s Swap & Go battery network.
For Nithio, the investment aligns with its focus on businesses that combine climate impact with financial inclusion and economic opportunity. The investor said its financing would help MAX expand access to productive assets for commercial transport operators while improving their operating economics and supporting the shift towards cleaner transportation.
“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. We see a strong alignment between MAX’s commercial model and the climate and financial inclusion outcomes it can deliver, and we are pleased to support the company as it enters its next phase of growth.” Raghav Sachdeva, Chief Investment Officer, Nithio
Adetayo Bamiduro, Co-founder and CEO of MAX, said the investment would help the company expand its integrated approach to electric vehicles, digital technology and energy infrastructure.
“Nithio’s investment validates the model we’ve built at MAX: mobility that is clean, affordable and pays for itself. With partners like Spiro, NOVR, Kofa, and a growing network of gas-stations that host our solar-powered swap cabinets, we’re not just deploying electric vehicles! We are orchestrating the digital and physical infrastructure layers that commercial drivers across Africa need to earn more and spend less. These partnerships help us bring that infrastructure to more Champions, in more cities, faster.” Adetayo Bamiduro, Co-founder and CEO, MAX
The latest financing builds on Nithio’s growing exposure to Africa’s electric mobility sector. Earlier in 2026, the investor committed $7 million to Spiro Mobility, marking its first direct investment in the sector.
Through its investment in MAX, Nithio is backing a model that links electric vehicle adoption with the infrastructure and financing needed to support commercial drivers. As MAX expands into additional markets, the availability of affordable vehicles, reliable battery-swapping networks and lower-cost energy will remain central to the growth of electric mobility across Africa.
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