Nigerian electric mobility startup MAX has raised $24 million in fresh funding to accelerate the rollout of electric vehicles and clean energy infrastructure across Africa, as the continent looks to reduce transport costs and emissions.
MAX, which operates Africa’s first integrated electric vehicle and battery subscription platform, said the funding will support the expansion of its EV fleet, solar-powered battery-swapping network, and mobility technology across multiple African markets.
The funding round combines equity investment from Equitane DMCC, Novastar, Endeavor Catalyst, and other global investors, alongside asset-backed and climate-focused debt from the Energy Entrepreneurs Growth Fund, managed by Triple Jump, and other development finance partners.
MAX operates across Nigeria, Ghana, and Cameroon, offering electric vehicles, battery swapping, financing, and fleet management technology tailored to Africa’s informal and commercial transport sectors. The company aims to lower operating costs for drivers while supporting the transition to zero-emissions mobility.
The startup said the capital will be deployed to rapidly scale its electric vehicle fleet, expand its battery-swapping infrastructure powered by renewable energy, strengthen its proprietary Internet of Things and fleet management systems, and support further geographic expansion across West and Central Africa.
“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 chief executive officer 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.”
The funding underscores growing investor interest in African climate and mobility solutions, as governments and businesses seek alternatives to fossil fuel dependent transport systems amid rising fuel prices and urban congestion.