Ghanaian startup Kofa, a forerunner in battery network solutions, is expanding its battery-swapping network in the West African country via a GBP6.15 million (US$5 million) special purpose vehicle (SPV).
Kofa aims to create an affordable and customer-driven electricity network powered by portable batteries and renewable energy. It has developed a multi-use high-capacity battery system named Kore2, alongside a battery-swapping network, as it bids to foster a sustainable energy future in West Africa.
The startup, which recently announced plans to expand to Kenya and Togo in the near future, has now partnered impact investor PASH Global to expand its battery-swapping network in Ghana via an SPV backed by a GBP2.35 million (US$3 million) commitment from Shell Foundation, co-funded with the UK Government through its Transforming Energy Access (TEA) platform.
Shell Foundation and TEA are committing an additional GBP1.4 million (US$1.8 million) to support Kofa’s e-bike asset financing, research on the impact of Kofa’s multi-use battery technology, and operating expenses.
This innovative project, led by Kofa and PASH, aims to deliver reliable, affordable, and clean energy for electric two-wheelers while also supplying power to small businesses and homes that currently depend on small petrol generators – helping to displace these generators and significantly reduce reliance on fossil fuels.
Kofa will focus on its core business of battery network management and support of the SPV operations. This involves infrastructure to manage battery swapping for users – ensuring that customers can access fully charged batteries at any time. PASH will play a crucial role supporting Kofa in the operational maintenance, deployment and management of the battery swapping stations.
The network is targeting a deployment of 6,000 batteries and up to 100 swap stations across Ghana, ensuring that energy is accessible anytime, anywhere, and promoting the transition to clean energy and the large-scale adoption of EVs in Africa.
“This initiative is a significant step toward cleaner, more sustainable energy solutions in Ghana. With the support of our partners, we are building a foundation that will not only benefit local communities and businesses but also serve as a model for clean energy innovation across Africa,” said Erik Nygard, CEO of Kofa Technologies.
