Nigerian electric mobility company MAX has extended its Series B3 funding round to $29 million following financing from climate fintech investor Nithio, supporting its expansion of cleaner transport services across Africa.
Nithio announced the investment on 12 October 2026, saying it would help MAX grow its electric vehicle operations and supporting energy infrastructure.
The $29 million represents the total size of the extended funding round. Nithio’s individual contribution was not disclosed.
More Electric Motorcycles and Battery-Swapping Stations
The financing will support the deployment of electric two-wheelers through MAX’s manufacturing partners, including Spiro and NOVR, alongside the expansion of solar-powered charging and battery-swapping facilities.
The rollout targets both existing and new markets, with commercial transport operators at the centre of the company’s strategy. These drivers depend on motorcycles for their livelihoods and face pressure from operating costs.
Battery swapping allows riders to exchange depleted batteries for charged ones, reducing the need to wait while their vehicles recharge.
A Subscription Model for Commercial Drivers
Founded in 2015 and headquartered in Lagos, MAX combines vehicle access, financing, digital payments, fleet management and energy services.
According to the company information published by Nithio, commercial drivers — known as “MAX Champions” — can access vehicles through daily subscriptions with no upfront payment. The offering includes insurance, maintenance and training.
MAX reports operating across 20 cities in West and Central Africa, having supported more than 60,000 commercial drivers and facilitated over one billion trips.
Investment Extends Beyond Vehicles
MAX’s approach connects electric motorcycles with the financing and charging infrastructure needed to keep them operating. Its platform brings vehicle and battery partnerships, solar-powered charging, fleet monitoring and payments into a single service for commercial operators.
For drivers, access to that wider support network is central to whether switching to an electric motorcycle is practical for daily work.
Nithio Broadens Its African E-Mobility Push
The MAX investment forms part of Nithio’s wider expansion into electric transport.
On 14 October, the investor announced the Fund for Utility and E-mobility Lending, or FUEL, a $150 million senior secured debt fund designed to finance commercial electric mobility and supporting infrastructure across sub-Saharan Africa.
Nithio said its recent investments, including MAX, had highlighted both the commercial opportunity and the financing gap facing the sector.
