Nigeria’s MAX raised $24 M to expand clean energy infrastructure and electric mobility
In order to hasten the continent’s shift to clean, accessible, and affordable mobility, Nigerian startup MAX, Africa’s first integrated electric vehicle and battery subscription platform, has raised US $24 million in funding.
MAX is the first integrated vehicle and battery subscription platform in Africa, offering mobility technology, financing, electric vehicles, and battery-swapping infrastructure in several African markets. The startup, which operates in Nigeria, Ghana, and Cameroon, is constructing the framework for a future that is inclusive, tech-enabled, and emissions-free.
In addition to asset-backed and climate-focused debt from the Triple Jump-managed Energy Entrepreneurs Growth Fund (EEGF) and other development finance partners, the startup’s US$24 million funding round includes equity investment from Equitane DMCC, Novastar, Endeavor Catalyst, and other international investors.
The money will be used to support geographic expansion throughout West and Central Africa, deepen proprietary IoT and fleet management capabilities, grow MAX’s solar-powered battery-swapping network, and quickly scale its fleet of electric vehicles (EVs).
“Profitability in Nigeria proves that electric mobility in Africa is not a future concept. It is viable, scalable, and investable today,” said Adetayo Bamiduro, co-founder and CEO of MAX. “This capital allows us to scale faster, deepen clean energy infrastructure, and build a truly pan-African mobility platform that expands access, lowers costs, and delivers durable impact.”
