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Ghanaian clean-tech startup Kofa has raised $8 million through a special purpose vehicle (SPV) to expand its battery-swapping network, aiming to accelerate the adoption of electric mobility and clean energy solutions across West Africa.
The funding round is led by impact investor PASH Global, with significant contributions from the Shell Foundation and the UK Government’s Transforming Energy Access (TEA) platform. The investment will support the deployment of 6,000 portable batteries and up to 100 swap stations across Ghana, providing affordable and reliable electricity to customers.
Kofa’s battery-swapping network offers clean energy for electric two-wheelers, small businesses, and homes, reducing reliance on fossil fuels. The company plans to focus on managing the battery network, while PASH will oversee operational maintenance and deployment of swap stations.
“This initiative is a significant step towards cleaner, more sustainable energy solutions in Ghana,” said Erik Nygard, CEO of Kofa Technologies. “With the support of our partners, we are building a foundation that will benefit local communities and businesses.”
The expansion is part of Kofa’s broader goal to create a sustainable energy future in West Africa. The startup has also announced plans to expand its operations to Kenya and Togo.
Kofa’s innovative approach includes a mobile and web app that offers a seamless battery-swapping experience, allowing users to conveniently exchange depleted batteries for fully charged ones at strategically located stations. The company’s battery-as-a-service model aims to provide clean and affordable energy solutions through a portable battery network capable of powering various use cases.
With this latest funding, Kofa is poised to make a significant impact on clean energy access and sustainability in Ghana and beyond
Read more on Tech Gist Africa:
Oze, a Ghanaian fintech startup has secured an undisclosed amount of funding
Affinity Africa, a Ghanaian fintech startup, has raised $8 million in seed funding
Zeepay, a Ghanaian fintech startup, has raised equity funding to support its expansion
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