Ghanaian startup Kofa, a forerunner in battery network solutions, has closed a US$8.1 million pre-Series A funding round to fuel its expansion and supercharge its AI-powered battery-swapping network, delivering reliable, clean energy solutions to urban Africa, starting in Ghana and Kenya.
Launched in 2022, Kofa has developed a swappable battery network that provides reliable, clean energy for motorcycles, households, and small businesses.
Leveraging its cutting-edge technology and proprietary Internet of Things (IoT) system – which tracks battery usage, predicts demand, and optimises energy distribution – Kofa now facilitates over 200 battery swaps daily, achieving a 99 per cent charge rate with an average swap time of under two minutes; saving time, reducing fuel costs, and keeping businesses running reliably.
The company has now raised a US$8.1 million pre-Series A round, which comprises US$3.25 million in equity, US$4.315 million in debt, and US$590,000 in grants, co-led by E3 Capital and Injaro Investment Advisors – both providing equity. Shell Foundation contributed to the raise through catalytic debt and grant, co-funded with the UK Government through its Transforming Energy Access (TEA) platform.
It also features backing from high-profile European angel investors in the battery industry, including Richard Thwaites, founder of Penso Power, one of Europe’s leading grid scale battery businesses, acquired by BW Group in Oct 2024, who brings strategic insights into the battery sector.
The funding round will accelerate Kofa’s expansion into three major cities across West and East Africa. It will also fast-track the development of its proprietary AI-driven battery management platform, a game-changing differentiator crucial for optimising and scaling its network to efficiently manage millions of batteries.
“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 cleaner energy, for both domestic and commercial use, goes beyond sustainability – it drives real economic impact but for this transition to succeed, several key elements must come together,” said Erik Nygard CEO and founder of Kofa.
“This includes scaling local manufacturing and assembly with international partners, expanding a robust battery and swap station network, securing financial backing from investors, and deploying AI-driven technology to optimise the entire system. Closing this round is a major step forward in accelerating our vision, particularly as Ghana and the wider African region prioritise clean energy solutions. With the right ecosystem in place, greener alternatives will not only be viable but also the most cost-effective and logical choice for the future.”
