Nithio Expands Its E-Mobility Portfolio with Investment in MAX

Nithio has provided financing to MAX, extending the company’s Series B3 funding round to $29
million and supporting MAX’s continued expansion of clean, affordable and inclusive mobility
solutions across Africa.

Nithio’s investment in MAX reflects its commitment to supporting scalable businesses at the
intersection of climate impact, financial inclusion and economic opportunity. MAX combines fleet
and battery design, IoT-enabled operations, financing, energy, and financial services to help
commercial transport operators access safer, more affordable, and more sustainable mobility
services.
Through its partnership with MAX, Nithio is supporting a commercially viable platform that can
help improve the economics of mobility for transport operators while accelerating the transition
to cleaner transportation.

Founded in 2015 and headquartered in Lagos, Nigeria, MAX is Africa’s first integrated electric
vehicle and battery subscription platform, combining OEM vehicle and battery partnerships,
solar-PV powered charging and battery-swapping infrastructure, IoT-enabled fleet management,
digital payments and financing into a single operating system built for Africa’s roads and the
people who depend on them.
MAX’s mission is to make mobility safe, affordable, accessible and sustainable, unlocking
economic opportunity for millions of commercial drivers, known as “MAX Champions”, while
accelerating the continent’s transition to clean energy.
MAX’s electric fleet is powered by a growing network of OEM partners. MAX has scaled its
Spiro fleet to nearly 7,000 units, as part of a 10,000-unit Phase 1 rollout, one of the largest
deployments on the continent.
Building on that momentum, MAX onboarded an additional OEM partner – NOVR, whose next-
generation battery delivers an extended range of 150km+ on a single charge. This extended-

range solution is purpose-built to address range anxiety for drivers in Tier 2 and Tier 3 cities,
where swap station density is lower, cutting charging frequency and doubling driving range.
Paired with MAX’s growing network of solar-PV powered charging and swap stations, this
significantly lowers the cost of energy for drivers, cutting drivers’ total energy and maintenance
costs by more than 40% compared to petrol-powered alternatives at current Nigerian pump
prices, and insulating Champions from volatile fuel prices and unreliable grid power.
MAX’s partner-network extends across the region. In Ghana, MAX has partnered with clean
energy company – Kofa, and EV manufacturer – TailG to deploy an electric fleet, combining
TailG’s EVs with Kofa’s Swap & Go battery network to bring clean, affordable mobility to new
markets.
MAX’s Extended Energy Network which includes partner swap stations from Spiro and Kofa
alongside MAX’s own infrastructure now spans 288 battery cabinets across 143 swap locations,
powered in part by 1MWp of solar-PV generation capacity that has produced more than 200,000
kWh of clean energy to date. MAX’s Solar-powered energy hubs deliver a Levelized Cost of
Energy (LCOE) that is 50% cheaper than Band A grid electricity tariff in Nigeria. MAX
Champions have completed more than 380,000 battery swaps, with monthly swap volume now
approaching 77,000.
MAX’s technology platform supports driver onboarding, vehicle subscriptions, third party
financing, digital payments, fleet management, telematics and risk management, creating a
highly efficient, transparent, resilient and accessible mobility ecosystem for operators and the
customers they serve.

Africa’s rapid urbanization is driving growing demand for affordable transportation, while high
fuel, maintenance and financing costs place significant pressure on commercial transport
operators.
Electric mobility offers a decisive opportunity to lower operating costs while cutting emissions.
MAX is accelerating this transition through OEM partnerships with Spiro and NOVR, a growing
electric vehicle fleet, and an expanding network of solar-PV powered charging and battery-
swapping infrastructure, pairing clean, low-cost energy with the financing and services needed
to make electric mobility accessible to commercial operators across the continent.
For Nithio, this creates an opportunity to support the growth of a commercially viable business
while contributing to climate and economic outcomes in underserved markets.

Nithio’s financing will support MAX’s continued growth and expansion of its mobility platform,
including scaling deployment of electric two-wheelers from its OEM partners, including Spiro
and NOVR, and expanding its solar-PV powered charging and battery-swapping network across
existing and new markets.
The investment will also enable MAX to expand its support for commercial transport operators
as it continues to build the clean energy and mobility infrastructure needed to accelerate the
adoption of safer, more affordable transportation across its markets.

“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

“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

Nithio’s investment in MAX builds on its growing commitment to financing Africa’s transition to
clean mobility. Earlier in 2026, Nithio invested USD 7 million in Spiro Mobility, marking Nithio’s
first direct investment in the e-mobility sector.
Together, these investments reflect Nithio’s broader conviction that Africa’s climate transition will
be driven by practical, scalable solutions that improve economic outcomes today while building
long-term resilience.
As electric mobility continues to develop across the continent, Nithio remains committed to
partnering with businesses that are enabling cleaner transportation, expanding access to
productive assets and creating new economic opportunities in underserved markets.

Nithio is a climate fintech platform that invests in clean energy companies and helps others
allocate capital to climate solutions that build resilience. Powered by its Risk Analytics Engine,
Nithio leverages customer repayment data, geospatial data and AI to standardize credit risk
assessment and inform investment decisions.
Nithio's investments focus on businesses that combine strong commercial fundamentals with
measurable climate and development outcomes, supporting their growth while helping channel
more capital toward underserved markets.
Learn more at https://nithio.com

MAX is Africa’s first integrated electric vehicle and battery subscription platform, built to solve
one of the continent’s most fundamental economic challenges: access to safe, affordable and
reliable mobility.
Founded in 2015 and headquartered in Lagos, Nigeria, MAX combines OEM vehicle and battery
partnerships, solar-PV powered charging and swapping infrastructure, IoT-enabled fleet
management, digital payments and financing into a single, vertically integrated platform.
Through daily subscription pricing with zero upfront cost, MAX gives commercial transport
operators, “MAX Champions”, access to income-generating vehicles, alongside insurance,
maintenance, training and other support services that strengthen their livelihoods.
Today, MAX has empowered more than 60,000 Champions, facilitated over 1 billion trips,
operates across 20 cities in West and Central Africa, and has a growing expansion pipeline.
MAX’s impact extends beyond mobility: the company has created more than 1,300 direct jobs,
enabled 60,000 indirect jobs, and has built an elite management team with women making up
40%. MAX has also empowered 480 women drivers and helped avoid an estimated 238,000
tonnes of greenhouse gas emissions through its transition to clean energy.
For more information, visit https://www.maxdrive.ai