Ghanaian energy tech company Kofa has raised $8.1 million in a pre-Series A round to expand its battery-swapping network across urban Africa, beginning with Ghana and Kenya.
The investment, which comprises $3.25 million in equity, $4.315 million in debt, and $590,000 in grants, was co-led by E3 Capital and Injaro Investment Advisors, with contributions from the Shell Foundation and the UK Government’s Transforming Energy Access platform (TEA). It also featured notable European investors, including Richard Thwaites, founder of Penso Power.
Kofa says this funding round will accelerate its expansion into three major cities across West and East Africa. It will also fast-track the development of its proprietary AI-driven battery management platform, a game-changing differentiator crucial for optimising and scaling its network to efficiently manage millions of batteries.
“This funding validates our vision to transform urban Africa’s energy landscape, and we are committed to building the ecosystem necessary to make this a reality. The shift to cleaner energy, for both domestic and commercial use, goes beyond sustainability – it drives real economic impact but for this transition to succeed, several key elements must come together”. Erik Nygard CEO and Founder of Kofa said.
Since its inception in 2022, Kofa has rapidly become a driving force in the clean energy sector. The company has developed a swappable battery network that provides reliable, clean energy for motorcycles, households, and small businesses. Leveraging its cutting-edge technology and proprietary Internet of Things (IoT) system – which tracks battery usage, predicts demand, and optimises energy distribution – Kofa now facilitates over 200 battery swaps daily, achieving a 99% charge rate with an average swap time of under two minutes; saving time, reducing fuel costs, and keeping businesses running reliably.
Headquartered in Accra, Ghana, Kofa’s model extends beyond battery swapping and has established itself as an end-to-end enabler of the broader energy ecosystem. By empowering connections with manufacturers, distributors, and financiers, Kofa is driving the large-scale adoption of clean energy solutions across urban Africa. Its approach also facilitates the creation of jobs, strengthens local economies, and enables users to increase their income through more efficient energy solutions.
The need for reliable, sustainable energy is critical across Africa, where backup generators currently provide up to 40% of electricity in some parts of Africa, and motorcycles consume 40-60 billion liters of petrol annually, producing about 10 times more hydrocarbon emissions per kilometer. Kofa is tackling this challenge with a clean energy network designed to transition urban productivity away from fossil fuel dependency.
The company’s battery-swapping network is meticulously designed with the end user in mind, from ergonomic battery handles to a top-down loading mechanism, ensuring seamless usability. With this customer-centric approach, combined with a rapidly expanding network of battery swap stations, AI-powered energy management, and strategic partnerships across the value chain, Kofa is leading the charge in driving a large-scale shift toward a sustainable, cost-effective, and locally impactful clean energy future for Africa.
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