Kofa, a Ghana-based energy tech startup, secured $8.1 million in a pre-Series A funding round to expand its AI-powered battery-swapping network across Africa, as Techpoint Africa reports.
According to the outlet, the investment consists of $3.25 million in equity, $4.32 million in debt, and $590,000 in grants, and was co-led by E3 Capital and Injaro Investment Advisors. Additional contributions came from the Shell Foundation and the UK Government’s Transforming Energy Access (TEA) platform, as well as Penso Power’s CEO Richard Thwaites, among others.
“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,” Erik Nygard, Kofa’s founder and CEO, said in a press release. “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.”
Nygard started Kofa in 2022 as a way to help people rethink how they access green energy. Its platform allows for efficient battery swaps for electric motorcycles, homes, and small businesses, according to Kofa’s website. This ultimately results in a cleaner, more affordable alternative to fuel-based energy.
The company now handles over 200 battery swaps a day at stations throughout its service area where users can exchange a drained battery for one charged and ready to go. Priced at about $1 per swap, an average swap takes less than two minutes and has a 99% charge success rate, as TechPression reports. Kofa uses an innovative system that tracks energy usage, anticipates demand, and routes power more efficiently.
Additionally, Kofa deals with local partners and will be working with TailG, a leader in the electric vehicle industry, to design electric motorcycles tailored to the demands of African users.
Kofa will use its recent funding to expand its operations to more urban areas in Ghana and Kenya, as well as purchase additional battery stock and set up more swap stations. Funding will also support further development of Kofa’s dynamic management platform.
This isn’t the first time that Kofa has received support from Shell Foundation and TEA. In 2024, both organizations contributed to Kofa’s growth through grants supporting e-bike financing, operational scale-up, and research on the impact of its battery tech, according to Techpoint Africa.
