Ghana’s Kofa secures $8.1M pre-Series A to expand clean-energy across Africa
Kofa, a Ghana-based clean energy tech startup and ecosystem enabler, has secured $8.1 million pre-Series A round to accelerate its AI-driven battery-swapping across Africa. This round, which includes $3.2 million in equity, $4.315 million in debt, and $590,000 in grants, will enable the company to build more battery-swap stations and develop new partnerships across African cities facing unreliable electricity supply, starting with Kenya and Ghana.
Launched in 2022, Kofa has grown its battery-swapping services into the clean energy sector by providing reliable, clean energy for electric motorcycles, households, and small businesses. Created with an AI-powered battery management platform that ensures safe, efficient distribution of swappable batteries across urban Africa areas, it has recorded over 200 battery swaps daily, achieving a 99% charging rate with an average swap time of under two minutes. This helps its users save time, reduce fuel costs, and keep their businesses running.
Kofa`s funding round was co-led by E3 Capital, Ijaro Investment Advisors, both of which provided equity investments, with contributions from the Shell Foundation and the UK government through its Transforming Energy Access(TEA) programme in debt and grant. The round also featured backing from a notable European Investor and founder of Penso Power, Richard Thwaites, one of Europe’s leading grid battery businesses, acquired by the BW Group in October 2024, offering strategic insights into the sector.
Kofa’s CEO and founder, Erik Nygard, shared his thoughts on the importance of the funding:
“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. The shift to clean energy for domestic and commercial use goes beyond sustainability. It drives real economic impact, but several key elements must come together for this transition to succeed.”
In 2024, the Shell Foundation and TEA supported Kofa’s growth through investments in its e-bike financing model, research on multi-use battery technology, and core operational activities.
“Shell Foundation supports solutions that raise incomes for everyday people in key sectors while reducing emissions,” said Jonathan Berman, CEO of Shell Foundation. “Kofa’s technology has huge potential to scale, and it’s exciting to see this fundraise accelerate the expansion into new cities and national markets.”
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Creating the future of urban energy
While the new Kofa`s fundraising round will facilitate Kofa`s expansion into more cities across West and East Africa, it will also upgrade its technology to support larger volumes of batteries. Kofa currently manages millions of batteries for customers, ensuring clean energy for motorcycles, households, and small businesses.
Kofa’s fundraising efforts, in line with its core mission, reflect a broader movement to bridge Africa’s growing energy access gap with local, tech-driven innovation. By offering an alternative to diesel and petrol generators, the company is helping reduce emissions while supporting livelihoods in urban centres.
As Africa continues to urbanise, startups like Kofa are playing a critical role in reimagining infrastructure that meets the continent’s present and future needs. With the recent Kofa`s fundraising effort, the team is well-positioned to advance in clean energy and enable its users access to one battery swap at a time.
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