Nithio has extended MAX’s Series B3 financing round to a total of $29 million, aimed at scaling electric two‑wheelers, solar‑charged swap stations and related infrastructure across African markets.

The capital will back MAX’s partnership with original equipment manufacturers Spiro and NOVR to expand electric motorcycle fleets and broaden the charging and battery‑swapping network in both existing and new territories.

MAX targets commercial transport operators who rely on motorcycles for income, offering a subscription model that combines vehicles, digital payments, financing and energy services to lower operating costs.

The Spiro partnership has already delivered nearly 7,000 electric motorcycles in a first‑phase rollout that aims for 10,000 units, while the NOVR collaboration provides batteries with over 150 km range for drivers in Tier 2 and Tier 3 cities.

MAX’s network currently includes 288 battery cabinets at 143 swap locations, supported by 1 MWp of solar photovoltaic capacity that has generated more than 200,000 kWh of clean energy, delivering electricity at roughly half the cost of Nigeria’s Band A grid tariff.

According to MAX, the combined electric‑vehicle and solar‑charging model cuts drivers’ energy and maintenance expenses by over 40 % compared with petrol‑powered motorcycles at current fuel prices.

Beyond Nigeria, MAX is entering Ghana through a partnership with clean‑energy firm Kofa and EV maker TailG, deploying electric vehicles supported by Kofa’s Swap & Go battery network.

Nithio’s Chief Investment Officer Raghav Sachdeva said the financing will help expand productive assets for commercial transport operators while advancing cleaner mobility, aligning with the investor’s climate and financial‑inclusion goals.

MAX co‑founder and CEO Adetayo Bamiduro described the investment as validation of a model that delivers clean, affordable mobility that “pays for itself” through integrated vehicle, digital and energy infrastructure.