Nithio has backed the African mobility startup MAX as its Series B3 round reaches $29M to expand electric two-wheelers and solar-powered battery swapping across the continent. The financing will support the deployment of vehicles through manufacturing partners Spiro and NOVR.
It also covers the expansion of MAX’s solar-powered charging and battery-swapping infrastructure in existing and new markets. Nithio announced the investment on 12 October 2026.
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Scaling the African Mobility Startup Infrastructure
Founded in 2015 and headquartered in Lagos, MAX combines electric vehicles, battery subscriptions, fleet management, digital payments and financing. The company helps commercial transport operators access income-generating vehicles without bearing the full upfront cost.
MAX has deployed nearly 7,000 Spiro electric vehicles as part of a planned 10,000-unit first phase. It has also added NOVR as a vehicle partner, whose batteries offer a range of more than 150 kilometres on a single charge.
The longer-range option is aimed at drivers in smaller cities where battery-swapping stations are less widely available. This approach helps in potentially reducing the frequency of charging stops.
Growing the Energy Network
MAX is also expanding the infrastructure needed to keep those vehicles operating. Its energy network, which combines its own facilities with partner stations operated by Spiro and Kofa, comprises 288 battery cabinets across 143 swap locations.
The company reports that its solar photovoltaic installations provide 1 megawatt-peak (MWp) of generation capacity. They have produced more than 200,000 kilowatt-hours of clean energy.
Its drivers have completed more than 380,000 battery swaps, with monthly volumes approaching 77,000. Through its subscription platform, drivers, known as MAX Champions, can access vehicles alongside battery services, maintenance, insurance and fleet support.
Economic Impact for Commercial Drivers
MAX says combining electric vehicles with solar-powered charging and battery swapping reduces drivers’ energy and maintenance costs by more than 40% compared with petrol-powered alternatives at current Nigerian fuel prices.
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Actual savings will depend on vehicle use, local energy and fuel prices, and operating conditions. The model is designed to address two linked challenges: the cost of operating commercial transport and the upfront expense of accessing productive vehicles.
MAX is also building partnerships beyond Nigeria. In Ghana, it is working with clean-energy company Kofa and vehicle manufacturer TailG to deploy electric vehicles supported by Kofa’s Swap & Go battery network.
Expanding Across West and Central Africa
Nithio’s investment is intended to support further vehicle deployments and expansion of the energy network as MAX grows its operations across West and Central Africa.
Raghav Sachdeva, chief investment officer at Nithio, said the investment reflects the company’s interest in businesses that combine commercial viability with climate and financial-inclusion benefits.
“MAX is building a scalable platform for cleaner and more affordable mobility across Africa.” Raghav Sachdeva, Chief Investment Officer, Nithio
The deal builds on Nithio’s growing activity in African electric mobility. Earlier in 2026, the climate-finance company invested $7 million in Spiro, marking its first direct investment in the sector.
Why it Matters to African Startups
MAX’s model highlights a practical challenge for Africa’s electric mobility market: vehicle adoption depends on the infrastructure and financing around the vehicle as much as the vehicle itself.
For drivers, access to electric motorcycles can reduce exposure to petrol costs, but only when charging or battery swapping is reliable and affordable. For mobility startups, that creates an opportunity to combine vehicle access, energy infrastructure and financing into a single service.
The next test for MAX will be whether it can expand its network and vehicle deployments across more markets while maintaining the operating economics that make electric transport attractive to commercial drivers.
Engagement
