Nithio Injects Climate Capital into MAX, Pushing Series B3 Extension to $29M
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.
LAGOS & WASHINGTON — US climate fintech and sector-focused investor Nithio has finalized an investment in Nigerian electric mobility company Metro Africa Xpress Inc. (MAX).
The financing extends MAX’s ongoing Series B3 funding round to $29 million. While the specific allocation from Nithio 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 and Chinedu Azodoh, 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, 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, Co-Founder and CEO of MAX.
Nithio
