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US-based climate FinTech platform Nithio has invested in MAX (Metro Africa Xpress), an electric-vehicle and battery-subscription company based in Lagos, Nigeria. The financing extends MAX’s Series B3 round to $29 million. However, Nithio has not said how much it invested.
MAX offers electric two-wheelers to commercial drivers on daily subscription plans, supported by solar-powered charging and battery-swapping stations. The company calls these drivers “MAX Champions”. This funding announcement comes five months after it raised $8 million in debt funding from Triple Jump, a Netherlands-based impact investment manager.
Adetayo Bamiduro, co-founder and CEO of MAX, said, “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.”
Founded in 2015 by Adetayo Bamiduro and Chinedu Azodoh, MAX is Africa’s first integrated platform for electric vehicles and battery subscriptions.
It combines partnerships with vehicle manufacturers, solar-powered charging, battery-swapping infrastructure, and fleet management services into one cohesive system designed for Africa.
MAX operates a fleet of electric vehicles, with around 7,000 units currently deployed as part of a 10,000-unit Phase 1 rollout, which, according to the company, is one of the largest deployments on the continent.
Recently, MAX partnered with NOVR to offer a new battery that provides an extended range of over 150 kilometres on a single charge, addressing range concerns, especially in cities with fewer charging stations. This partnership also helps reduce energy costs for drivers by more than 40% compared to gasoline vehicles.
MAX’s operations span several countries, including Ghana, where it collaborates with Kofa and TailG to introduce electric mobility. Their energy network includes multiple battery swap stations and has generated significant clean energy through solar power.
MAX’s technology supports services such as onboarding drivers, managing vehicle subscriptions, processing payments, and overseeing fleet operations, creating an efficient transportation ecosystem for all users.
MAX says it has:
- Worked with more than 60,000 drivers.
- Facilitated over 1 billion trips.
- Reached 20 cities in West and Central Africa.
MAX’s energy network spans 288 battery cabinets across 143 swap locations, including stations run by Spiro and Kofa. It is powered in part by 1MWp of solar capacity. Drivers have made more than 380,000 battery swaps, and monthly swaps are now close to 77,000.
According to the company, it cuts drivers’ energy and maintenance costs by more than 40% compared with petrol at current Nigerian pump prices. In Ghana, MAX has partnered with Kofa and TailG to launch an electric fleet.
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. 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.”
Nithio, a climate FinTech platform focused on investing in clean energy companies, made its first direct investment in e-mobility by contributing $7 million to Spiro Mobility in early 2026.
The funding will enable MAX to deploy more electric two-wheelers in collaboration with its vehicle partners, including Spiro and NOVR.
Additionally, it aims to expand its solar-powered charging and battery-swapping network across both existing and new markets, while also enhancing support for commercial transport operators.
