Nigerian mobility pioneer MAX (Metro Africa Xpress) has closed a $24 million funding round in a mix of equity and debt, marking a definitive validation of its pivot to electric mobility. The investment, led by global names like Equitane DMCC, Novastar, and Endeavor Catalyst, follows the company’s achievement of profitability in Nigeria—its largest and most complex market.
1. The Pivot: From Logistics to Industrial Scale
Founded in 2015, MAX has undergone a significant “strategic reset” over the last 18 months. By exiting lower-margin logistics lines and reducing its workforce by 30% to sharpen its focus on Electric Vehicle (EV) infrastructure, the company successfully turned its unit economics from red to black.
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Profitability: CEO Adetayo Bamiduro noted that reaching profitability proves “electric mobility in Africa is not a future concept; it is viable, scalable, and investable today.”
2. Manufacturing at the Core: The Ibadan Assembly Plant
To de-risk its supply chain from foreign exchange volatility and high import costs, MAX has leaned heavily into local production.
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Capacity: Its assembly facility in Ibadan, Oyo State, is now capable of producing 3,600 electric two- and three-wheelers per month.
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Global Partnerships: The plant operates through strategic partnerships with Yamaha, Hero, and Spiro, ensuring that vehicles are specifically engineered for African road conditions.
3. Infrastructure: Solving the “Charging Gap”
The new capital is earmarked for the rapid expansion of the MAX “Solar-Powered” Swap Network.
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Battery Swapping: To eliminate charging downtime for commercial drivers, MAX is scaling its network of swap stations across West Africa.
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Solar Integration: The company recently launched West Africa’s first 24/7 solar-powered battery swap station, using a 20kWp solar array to operate entirely off-grid, bypassing the region’s energy insecurity challenges.
4. 2027 Targets: 250,000 Drivers & $150M Revenue
With over 20,000 EVs now on Nigerian roads, MAX is positioning itself for a massive scale-up.
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Driver Goal: Aiming to support 250,000 drivers by 2027 through its “Rent-to-Own” financing model.
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Financial Goal: Targeting over $150 million in annual recurring revenue as it expands into Ghana, Cameroon, and other West and Central African markets.
The Bottom Line
MAX’s $24M raise signals that the African “Green Revolution” is no longer just a pilot project. By combining local manufacturing, fintech (vehicle financing), and renewable energy (battery swapping), MAX has built a vertically integrated moat that is difficult for pure-play logistics companies to replicate.
