Nithio Targets $150 Million to Finance Africa’s Electric Mobility Businesses

Climate fintech company Nithio has launched a $150 million debt fund to finance electric mobility businesses and supporting infrastructure across Sub-Saharan Africa, targeting companies that need capital to expand fleets, charging networks and battery-swapping operations.

The Fund for Utility and E-mobility Lending (FUEL) will provide senior secured loans ranging from $2 million to $15 million. Unlike equity funding, which gives investors an ownership stake in a company, these loans must be repaid and will be secured against physical assets and business cash flows.

FUEL plans to provide loans to companies operating electric vehicle fleets, financing electric vehicles or building charging stations and battery-swapping networks. It will also consider businesses involved in energy supply, vehicle manufacturing and related services, as well as selected energy projects serving commercial and industrial customers.

Nithio has started fundraising and is targeting an initial close of $100 million in 2027, toward the full $150 million goal.

Funding Africa’s Electric Mobility Expansion

The fund builds on Nithio’s experience financing clean energy businesses through its existing Facility for Adaptation, Inclusion and Resilience (FAIR). The company says FAIR has committed approximately $55 million to 18 borrowers across African climate and energy markets.

Nithio has also invested in electric mobility companies, including Nigerian mobility platform MAX. In October 2026, its investment helped extend MAX’s Series B3 funding round to $29 million. Earlier this year, Nithio invested $7 million in electric mobility company Spiro.

These investments have given Nithio exposure to businesses that finance vehicles, manage commercial fleets and operate battery-swapping infrastructure.

The company also uses a proprietary risk analytics system built on more than 100 million payment records across 19 Sub-Saharan African markets. It uses repayment histories, geospatial information and artificial intelligence to assess credit risk.

Funding Africa’s Electric Mobility Expansion

Electric mobility companies face substantial upfront costs when purchasing vehicles, batteries and charging equipment. They also need working capital to maintain fleets and expand into new markets. Equity investment can help, but companies that generate regular revenue may also need loans to finance assets without repeatedly selling ownership stakes.

FUEL is designed to serve this financing need, particularly among businesses that have revenue-generating assets but require additional capital to scale.

Nithio’s fundraising target is $100 million for its first close in 2027. The fund’s full $150 million target will determine the total capital available for loans across the region.