Kofa Raises $8.1M to Expand AI-Driven Battery Swapping in Africa
Kofa, a Ghana-based energy tech company, has raised $8.1 million in a pre-Series A funding round aimed at expanding its battery-swapping network across urban Africa as reported by Techpoint.africa.
The funding round comprises $3.25 million in equity, $4.315 million in debt, and $590,000 in grants. It was co-led by E3 Capital and Injaro Investment Advisors, with additional contributions from the Shell Foundation, the UK Government’s Transforming Energy Access (TEA) platform, and several European investors, including Richard Thwaites, founder of Penso Power.
Funding to Boost Expansion and Enhance AI-Powered Battery Platform
Andrew Darge, E3 Capital’s lead on the transaction, said, “In investing in Africa for over a decade, we have seen firsthand the evolution of Africa’s distributed renewable energy sector – and in particular the rise of electric mobility and battery technologies.”
He added, “Kofa stands out in having demonstrated a unique ability to build not just a product but an entire ecosystem to drive capital efficiency and create a compelling commercial opportunity for the adoption of clean energy at scale.”
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Rapid Growth and Impact in Clean Energy
Launched in 2022, Kofa’s battery-swapping service has grown rapidly, providing reliable, clean energy to motorcycles, homes, and small businesses. The company now performs over 200 battery swaps a day with a 99% success rate and an average swap time of under two minutes. This service helps users save money on fuel while keeping businesses operational.
Kofa’s batteries are managed through a smart system that tracks usage, predicts demand, and optimizes energy flow. The company also partners with local manufacturers, such as TailG, to design electric motorcycles tailored to African markets.
In 2024, Shell Foundation and TEA supported Kofa’s expansion in Ghana, including e-bike asset financing, research into the impact of Kofa’s multi-use battery technology, and operating expenses.
