Nithio Backs Max, Extends Series B3 to $29 Million

In Short

• Nithio has provided financing to MAX, extending MAX’s Series B3 round to $29 million.
• The deal supports MAX’s expansion of electric two-wheelers, battery subscriptions, and charging and swap infrastructure across Africa.
• MAX says its network includes 143 swap locations and 288 battery cabinets, with part of the system powered by solar.

What Happened

Nithio has invested in MAX, taking MAX’s Series B3 funding round to $29 million. Nithio said the financing is aimed at helping MAX scale clean and affordable mobility services across Africa.

MAX, founded in 2015 and headquartered in Lagos, runs an integrated electric vehicle and battery subscription platform. A battery subscription is a pay-as-you-go model where drivers subscribe to battery access, rather than owning the battery outright.

According to the company, MAX combines vehicle and battery partnerships, solar-powered charging and battery swapping, and IoT-enabled fleet management. IoT means sensors and connected devices that help track vehicles and batteries in real time.

MAX said it has scaled its Spiro fleet to nearly 7,000 units, part of a planned 10,000-unit Phase 1 rollout. MAX also onboarded another OEM partner, NOVR, and said its next-generation battery can deliver 150km+ range on a single charge.

MAX said its extended energy network spans 288 battery cabinets across 143 swap locations. It also said it has installed 1MWp of solar PV generation capacity, which has produced more than 200,000 kWh of clean energy to date.

Why It Matters

Electric mobility in Africa is not only about new vehicles. It also depends on financing, energy supply, and operations that work for commercial drivers.

MAX is targeting total cost of ownership, meaning the full cost of running a vehicle including fuel or energy, maintenance, and downtime. The company claims drivers can cut energy and maintenance costs by more than 40% versus petrol-powered alternatives at current Nigerian pump prices.

For Nithio, the deal adds to its e-mobility portfolio and fits its focus on climate impact and financial inclusion. For MAX, the extra Series B3 capital could help it expand into more cities and markets, especially where charging and swap density is still low.