> ## Content Index > Fetch the complete content index at: https://www.africainvestorreview.com/llms.txt > Use this file to discover other available public pages before exploring further. # Nithio Injects Climate Capital into MAX, Pushing Series B3 Extension to $29M - URL: https://www.africainvestorreview.com/nithio-injects-climate-capital-into-max-pushing-series-b3-extension-to-29m/ - Published: 2026-10-14T16:51:32.000Z - Updated: 2026-10-17T01:11:01.000Z - Description: The US climate fintech’s investment supports the Nigerian electric mobility pioneer as it expands clean transport infrastructure and scales EV subscription platforms across West and Central Africa. - Author: Charles S. - Tags: Venture Capital, Development Finance, West Africa **LAGOS & WASHINGTON** — US climate fintech and sector-focused investor [**Nithio**](https://www.linkedin.com/company/nithio/home/?ref=africainvestorreview.com) has finalized an investment in Nigerian electric mobility company [**Metro Africa Xpress Inc. (MAX)**](https://www.linkedin.com/company/maxdriveai/home/?ref=africainvestorreview.com). The financing extends MAX’s ongoing **Series B3 funding round to $29 million**. While the specific allocation from [Nithio](https://www.linkedin.com/company/nithio/home/?ref=africainvestorreview.com) was undisclosed, the investment will support the deployment of clean, affordable, and inclusive electric transport infrastructure across West and Central Africa. ## Infrastructure Metrics & Power Economics Founded in 2015 by [**Adetayo Bamiduro**](https://www.linkedin.com/in/adetayobamiduro/?ref=africainvestorreview.com) and [**Chinedu Azodoh**](https://www.linkedin.com/in/chineduazodoh/?ref=africainvestorreview.com), MAX operates a vertically integrated EV platform combining OEM manufacturing agreements, solar-powered charging grids, IoT telematics, and zero-upfront-cost subscription models for commercial drivers (“MAX Champions”). The official release reveals significant operational scale and unit economics underpinning the capital injection: - **Clean Infrastructure Footprint:** MAX operates an Extended Energy Network spanning **288 battery cabinets across 143 swap locations**, backed by **1 MWp of dedicated solar-PV capacity** that has generated over **200,000 kWh** of clean energy. - **Levelized Energy Arbitrage:** The platform’s solar-powered hubs deliver a Levelized Cost of Energy (LCOE) **50% cheaper than Nigeria’s Band A grid tariff**, driving driver energy and maintenance savings **over 40%** compared to petrol alternatives. - **OEM Multi-Sourcing:** Scaled its Spiro fleet to nearly **7,000 units** (under a 10,000-unit Phase 1 rollout) while onboarding new OEM partner **NOVR**—whose 150km+ extended-range batteries lower swap frequencies in Tier 2 and Tier 3 cities. - **Cross-Border Footprint:** Expanded into Ghana via a joint deployment with clean energy startup **Kofa** and EV manufacturer **TailG**, integrating TailG vehicles into Kofa’s Swap & Go network. - **Cumulative Scale:** Empowered **60,000 Champions**, facilitated over **1 billion trips** across 20 cities, executed **380,000+ total battery swaps** (approaching **77,000 monthly**), and avoided an estimated **238,000 tonnes of GHG emissions**. ## Executive Statements > “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,” said [**Raghav Sachdeva**](https://www.linkedin.com/in/raghav-sachdeva-cfa-16a14836/?ref=africainvestorreview.com), Chief Investment Officer at 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,” added [**Adetayo Bamiduro**](https://www.linkedin.com/in/adetayobamiduro/?ref=africainvestorreview.com), Co-Founder and CEO of MAX. [Nithio Expands Its E-Mobility Portfolio with Investment in MAX - NithioNithio has provided financing to MAX, extending the company's Series B3 funding round to $29million and supporting MAX's continued expansion of clean, affordable and inclusive mobilitysolutions across Africa. Why We Invested Nithio's investment in MAX reflects its commitment to supporting scalable businesses at theintersection of climate impact, financial inclusion and economic opportunity. MAX combines fleetand![](https://storage.ghost.io/c/8a/90/8a905702-b441-4eb9-8a34-5fdeec861dd7/content/images/icon/cropped-Nithio-icon-color_white-background-offcenter-270x270-3aae83dd-622c-45a8-b7ea-00ee36adbed4.png)Nithio - Unlocking billions in investment to build climate resilienceNithio![](https://storage.ghost.io/c/8a/90/8a905702-b441-4eb9-8a34-5fdeec861dd7/content/images/thumbnail/Nithio-Logo_Final-44ce1c95-17e4-43e5-a10c-aa7dc7ff0912.png)](https://nithio.com/nithio-expands-its-e-mobility-portfolio-with-investment-in-max/?ref=africainvestorreview.com) --- ### The Intelligence Engine for African Private Capital Access complete transaction breakdowns, fund strategy updates, and market commentary directly on our platform. [Become a member](#/portal/signup)