Ghana-based clean energy startup Kofa has closed an $8.1 million pre-Series A round to expand its AI-powered battery-swapping network across urban Africa.
The raise includes:
- $3.25M in equity
- $4.315M in debt
- $590K in grants
Why it matters
Africa’s cities rely heavily on petrol-powered motorcycles and backup generators. Kofa’s swappable battery network offers a clean, reliable alternative—cutting emissions, saving time, and lowering fuel costs for riders and small businesses.
The investors:
- Equity: E3 Capital and Ghana-based Injaro Investment Advisors
- Debt + grants: Shell Foundation (with UK Government support via TEA platform)
- Strategic angels: Battery sector veterans, including Penso Power’s Richard Thwaites
Zoom in
Founded in 2022, Kofa has become a key player in Africa’s energy transition, with over 200 battery swaps daily and a 99% charge success rate.
Its AI and IoT-backed system optimizes energy flow, demand prediction, and battery tracking—all with an average swap time under 2 minutes.
What they’re saying
“This funding validates our vision to transform urban Africa’s energy landscape,” said Erik Nygard, Kofa CEO and founder.
“With the right ecosystem, greener energy becomes the most cost-effective option.”
Between the lines
Kofa isn’t just building tech—it’s creating an end-to-end ecosystem. The company:
- Partners with OEM TailG to manufacture custom electric motorcycles
- Uses an asset-light model with SPVs to finance batteries and stations
- Teams up with local distributors like AutoPax in Kenya
Investor POV:
- “Kofa stands out in building an ecosystem, not just a product,” said Andrew Darge, E3 Capital.
- “It delivers real economic benefits for local communities,” added Jerry Parkes, Injaro.
Context
Africa’s energy gap is massive—generators power up to 40% of electricity in some regions, while motorcycles burn 40–60B liters of petrol annually. Kofa wants to change that, starting in Ghana and Kenya, then expanding to three more cities.
What’s next
The funds will help Kofa:
- Scale into new African cities
- Accelerate its AI-powered battery platform
- Deepen partnerships across the clean energy value chain
