Funding of $8M Granted to Expand Battery Exchange Program, Powering Clean Energy Development Across West Africa, Courtesy of Kofa.
Kofa, a Ghana-based clean-tech startup specializing in battery-swapping infrastructure for electric mobility, has secured $8.1 million in a pre-Series A funding round. This investment will position Kofa as a key player in the continent’s clean energy transition, particularly in West Africa.
The funding round was led by impact investor PASH Global, with key backing from the Shell Foundation and the UK Government’s Transforming Energy Access (TEA) initiative. This funding approach reflects a broader trend toward impact-driven CSR investments targeting scalable clean energy startups in Africa, with a focus on sustainable community-centered business models.
Kofa’s expansion plans include extending its operations into Kenya and Togo, aligning with its larger vision of building a sustainable energy future across West Africa. The company's battery-swapping network is designed to serve multiple applications, supplying clean energy to electric two-wheelers, small businesses, and households.
The battery-as-a-service approach delivers clean, affordable energy via a portable battery network. This infrastructure is crucial to overcoming one of the major barriers to electric vehicle usage—charging time and convenience—making clean tech more accessible in urban areas and beyond.
Ghana’s progressive clean energy policies, including its Drive Electric Initiative and efforts to increase renewable energy capacity from 1% to 10% by 2030, provide a supportive environment for startups like Kofa. Such policies include EV import incentives and charging infrastructure standards, which encourage private sector innovations and investments in green mobility.
The latest funding will enable Kofa to roll out 6,000 portable batteries and up to 100 swap stations across Ghana. It is not clear from the provided information who will be responsible for the deployment and operational maintenance of stations in Kenya and Togo. However, it is expected that this funding will drive meaningful progress in clean energy access and sustainability across the wider West African region, boosting electric mobility and promoting clean energy adoption throughout West Africa.
[1] Kofa secures $8.1 million in pre-Series A funding to scale battery-swapping network in urban Africa. (2022). Retrieved from https://www.kofa.energy/press-releases/kofa-secures-8-1-million-in-pre-series-a-funding-to-scale-battery-swapping-network-in-urban-africa [2] Shell Foundation invests in Kofa to accelerate clean energy transition in West Africa. (2022). Retrieved from https://www.shell.co.uk/about-shell/our-work/shell-foundation/our-partners/kofa.html [4] Kofa's battery-swapping network supplies clean energy to electric two-wheelers, small businesses, and households. (2022). Retrieved from https://www.kofa.energy/what-we-do [5] Kofa's approach is battery-as-a-service, delivering clean, affordable energy via a portable battery network. (2022). Retrieved from https://www.kofa.energy/what-we-do
- The funding secured by Kofa, a Ghana-based clean-tech startup, will be instrumental in scaling their technology, particularly the battery-swapping network, across urban regions in Africa.
- The battery-as-a-service technology deployed by Kofa aims to make clean and affordable energy more accessible in West Africa, overcoming barriers such as charging time and convenience.
