MAX partners with Pash Global

From the newsletter

Nigerian mobility startup MAX has partnered with PASH Global, a renewable energy and impact investment firm, to invest $10 million in expanding Nigeria's EV infrastructure. Through this initiative, PASH Global will finance and implement clean energy solutions to power MAX's EV fleet and charging infrastructure.

• MAX was founded in 2015 as a logistics company, pivoted to ride-hailing in 2017, and then to EV infrastructure in 2021. It currently operates in 18 locations across Nigeria, Ghana, and Cameroon. 

• The company has raised over $64 million in funding from 17 investors, including Novastar Ventures, Proparco, Future Africa, Global Ventures, Lightrock, and Alitheia Capital.

More details

• MAX operates on a platform-based model, providing a comprehensive solution that goes beyond just selling EVs. It includes vehicle financing, charging infrastructure development, and fleet management.

• Their platform offers electric  2 and 3-wheelers as well as electric cars.

• Transitioning to EVs is capital intensive, as EVs are expensive compared to ICE vehicles, and building charging infrastructure is even more capital intensive.

• To address these challenges, MAX provides consumer financing and has partnered with other EV players like Spiro to have them sell motorcycles on their platform. 

• This approach, while not unique to MAX, is gaining attention with some EV players, particularly in Kenya—where companies like Ampersand and CrossBoundary are partnering to finance and build charging infrastructure. Others, like Roam, are partnering with supermarket outlets, and Spiro with petrol stations to expand charging networks.

• MAX faces competition from other players like Moove and The Electric Motor Vehicle Company.

• However, MAX's one-stop shop for EV solutions gives them a distinct advantage. By offering a comprehensive suite of services, including vehicle financing, charging infrastructure development, and fleet management, MAX simplifies the transition to electric mobility for consumers and businesses alike

Our take

• Partnering with energy companies could be the solution to the challenge of EV charging infrastructure. By collaborating with energy companies, EV companies can spread the risks and use their available funds to increase consumer financing, ultimately boosting sales.