Nigerian mobility financing company MAX has raised $24 million in a mix of equity and debt after reaching profitability in Nigeria, its largest market, multiple reports confirm. The funding signals renewed investor interest in electric mobility across Africa, where rising fuel prices and falling battery costs are making electric two- and three-wheelers increasingly attractive for commercial drivers. The round includes equity from Equitane DMCC, Novastar, Endeavor Catalyst, and other global investors, alongside asset-backed debt from the Energy Entrepreneurs Growth Fund and development finance institutions. Profitability Brings Investors Back Founded in 2015 as Metro
Ethiopia has announced plans to ban the importation of fuel-powered vehicles, shifting its focus exclusively to electric vehicles (EVs). Alemu Sime, the Ethiopian Minister of Transport and Logistics, announced the bold move as part of the country’s comprehensive green mobility strategy. Electric Vehicles Only According to Sime, Ethiopia spent €6 billion ($7.6 billion) on petrol and diesel imports in 2023. Additionally, pollution levels in city centers due to cars are reportedly off the charts. Now, the government has decided to allow only EVs into the country by banning gasoline and diesel-powered
Sheryl E. Ponds is working to ensure Black people are not left behind as the world moves towards electric vehicles. She is the entrepreneur behind Black-owned startup Dai Technologies Corp, which designs and builds electric vehicle charging stations. Electric Vehicle Charging Deserts DaiTechCorp describes itself as an ‘EV Adoption expert’ working to bring electric vehicles into the Black community. After successfully building electric vehicle charging stations, Ponds realized that many of her clientele were affluent and white, so she decided to rebuild her business model to reach the Black community. According to reports, about 2%
