Ghanaian energy innovator Kofa has announced the successful closing of an $8.1 million pre-Series A funding round, aimed at accelerating its battery-swapping network and expanding into new markets across Africa. Founded in 2022, Kofa offers a forward-thinking clean energy solution powered by its AI-enabled swappable battery system, which is already operational in Ghana with plans to extend into Kenya and beyond.
Revolutionizing Access to Clean Energy
Kofa’s proprietary Internet of Things (IoT) platform forms the backbone of its operations, enabling real-time tracking of battery usage, demand forecasting, and optimized energy distribution. By supporting motorcycles, small businesses, and households, Kofa provides a fast, efficient, and sustainable alternative to traditional fuel sources. The network currently facilitates over 200 battery swaps per day, boasting a 99% charge rate with swapping times averaging less than two minutes. This rapid exchange significantly reduces fuel expenses for users, supports business continuity, and promotes cleaner urban environments.
Details of the Investment Round
The recent funding round comprised $3.25 million in equity, $4.315 million in debt, and $590,000 in grants. The equity portion was led by E3 Capital and Injaro Investment Advisors, demonstrating confidence from both local and international investors. The round was supported by the Shell Foundation through catalytic debt and grants, in partnership with the UK Government’s Transforming Energy Access (TEA) platform. Notably, high-profile European angel investors, including Richard Thwaites—founder of Penso Power, a major player in grid-scale battery storage across Europe—also participated.
Growth Plans and Strategic Focus
Kofa intends to channel the funds towards expanding its footprint into three additional cities across West and East Africa, with a focus on scaling its innovative AI-based battery management platform. This advanced system will enable more efficient network scaling and facilitate handling larger volumes of batteries, ultimately optimizing energy access and operational efficiency.
CEO and founder Erik Nygard emphasized the broader vision behind Kofa’s mission: to catalyze Africa’s transition towards cleaner urban energy. He highlighted key elements necessary for success including scaling local manufacturing through global partnerships, deploying a broad network of swap stations, attracting continued investor support, and integrating smart systems to manage the expanding network effectively.
Future Outlook
This funding milestone positions Kofa to further develop its model of accessible and rapid clean energy solutions tailored to Africa’s growing urban centers. By combining technological innovation, strategic expansion, and strong financial backing, Kofa is set to play a pivotal role in transforming energy access and promoting sustainability across the continent.
Play audio
No comments