Nithio Launches Fuel, $150M E-Mobility Debt Fund in Africa

In Short

• Nithio has launched FUEL, a USD 150 million senior secured debt fund for commercial e-mobility in Sub-Saharan Africa.
• The fund plans to offer USD 2 million to USD 15 million loans for fleets and the infrastructure that supports them.
• Nithio is starting fundraising now and is targeting a USD 100 million first close in 2027.

What Happened

Nithio said it is launching FUEL, a USD 150 million debt fund aimed at financing e-mobility and related infrastructure across Sub-Saharan Africa. E-mobility refers to transport that runs on electricity, such as electric motorcycles, buses, and delivery fleets.

FUEL is structured as a senior secured debt fund. That means it lends money with first claim on repayment, and the loans are backed by collateral, usually the vehicles, batteries, charging assets, and contracted cash flows.

Nithio said FUEL will provide USD 2 million to USD 15 million senior secured loans. Target borrowers include fleet operators, fleet finance providers, charging and battery swapping networks, energy and site providers, original equipment manufacturers, and related service companies.

The firm said the fund builds on its earlier vehicle, FAIR, which has committed about USD 55 million to 18 borrowers across African climate and energy markets. It also pointed to its internal risk analytics, which it says are built on over 100 million payment records across 19 Sub-Saharan African markets.

Nithio has previously invested in electric mobility through FAIR, including in MAX, a West Africa mobility company. The company said those deals highlighted both growing demand and a financing gap for the sector.

Why It Matters

E-mobility companies in Africa often struggle to access long-term, asset-backed loans that match how fleets earn money over time. Many end up relying on expensive short-term capital or equity, which can be hard to raise in a slower funding market.

If FUEL reaches its target, it could increase the amount of debt available for vehicles and supporting infrastructure like charging and battery swapping. That matters because infrastructure is often the bottleneck, not just vehicle supply.

Nithio’s plan for a USD 100 million first close in 2027 will be a key milestone to watch. It will signal how much institutional appetite there is for secured climate transport lending across the region.