Ghanaian Startup Kofa Secures $8.1M To Grow Its Battery-Swapping Infrastructure

Kofa, a Ghanaian-based energy tech company, has secured $8.1 million in a pre-Series A funding round to expand its battery-swapping network across Africa. The funding round, which comprised a mix of equity ($3.25 million), debt ($4.315 million), and $590,000 in grants, was led by E3 Capital and Injaro Investment Advisors, with support from the Shell Foundation and the UK Government’s Transforming Energy Access platform (TEA).

Noteworthy European investors, such as Richard Thwaites, founder of Penso Power, also participated in the funding round.

Who founded Kofa?

The company was founded in 2022 by Erik Nygard to re-engineer how people access green energy. It has quickly expanded its company and is influencing change in the clean energy sector by providing reliable, clean energy.

Kofa currently conducts over 200 battery swaps per day, with a 99% success rate and an average swap time of under two minutes, according to Techpoint. This service allows users to reduce their fuel costs and keeps businesses running smoothly. The startup collaborates with large-scale vehicle distributors, enabling them to manage sales and logistics effectively.

How will Kofa use the $8.1 million fund?

The fund will help expand its battery-swapping infrastructure across Ghana and Kenya. Additionally, it will help grow its AI-driven energy management platform, buy battery inventory, and deploy new swap stations.

“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,” Nygard said in a statement seen by Techpoint.

“Our investment in Kofa is about more than just backing a promising energy company; it’s about supporting a solution that delivers tangible economic benefits for local communities,” Jerry Parkes, Managing Director of Injaro Investment Advisors, adds.

Image: Kofa Technologies