Nithio Invests in MAX as Series B3 Funding Round Reaches $29 Million
The investment will support MAX’s deployment of electric two-wheelers through original equipment manufacturer (OEM) partners, including Spiro and NOVR, as well as the expansion of its solar-powered charging and battery-swapping network across existing and new markets.
Nithio has provided financing to MAX, extending the Nigerian mobility company’s Series B3 funding round to $29 million as it expands its electric mobility solutions and clean energy infrastructure across Africa.
The investment will support MAX’s deployment of electric two-wheelers through original equipment manufacturer (OEM) partners, including Spiro and NOVR, as well as the expansion of its solar-powered charging and battery-swapping network across existing and new markets.
Founded in 2015 and headquartered in Lagos, Nigeria, MAX operates an electric vehicle and battery subscription platform that integrates vehicle and battery partnerships, charging infrastructure, fleet management technology, digital payments and financing. The company aims to make mobility safer, more affordable and sustainable while improving economic opportunities for commercial transport operators, whom it calls “MAX Champions”.
MAX has expanded its electric mobility operations through partnerships with vehicle manufacturers and clean energy providers. Its Spiro fleet has grown to nearly 7,000 units as part of a 10,000-unit first-phase rollout. The company has also onboarded NOVR, whose batteries offer a range of more than 150 kilometres on a single charge, targeting drivers in Tier 2 and Tier 3 cities where battery-swapping stations are less widely available.
According to the company, combining its 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.
MAX’s extended energy network includes partner swap stations operated by Spiro and Kofa, alongside its own infrastructure. The network comprises 288 battery cabinets across 143 swap locations and is supported partly by 1 megawatt-peak (MWp) of solar photovoltaic generation capacity, which has produced more than 200,000 kilowatt-hours of clean energy to date.
The company said its solar-powered energy hubs deliver a levelised cost of energy 50% lower than Nigeria’s Band A grid electricity tariff. MAX Champions have completed more than 380,000 battery swaps, with monthly swap volumes approaching 77,000.
In Ghana, MAX has partnered with clean energy company Kofa and electric vehicle manufacturer TailG to deploy electric vehicles supported by Kofa’s Swap & Go battery network, extending its mobility operations into additional markets.
Nithio said the investment reflects its focus on businesses combining climate impact, financial inclusion and economic opportunity. The financing is intended to help MAX expand access to productive assets and improve operating economics for commercial transport operators while supporting the transition to 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 supports the company’s approach to combining electric vehicles, digital technology and energy infrastructure to improve the economics of commercial transportation.
“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 financing builds on Nithio’s activity 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.
Nithio said the investments reflect its strategy of supporting scalable climate solutions that can improve economic outcomes and strengthen long-term resilience across underserved markets.
