Ghanaian energy tech startup Kofa has successfully raised $8.1 million in a pre-Series A funding round to scale its AI-powered battery-swapping network and expand clean energy access across urban areas in Africa, starting with Ghana and Kenya.
Founded in 2022, Kofa is pioneering a swappable battery network designed to provide clean, reliable energy for electric motorcycles, households, and small businesses. By combining smart technology with sustainable infrastructure, the company is helping cities transition away from fossil fuels and towards greener, more efficient energy systems.
Kofa’s proprietary system, which integrates Internet of Things (IoT) sensors and predictive analytics, enables real-time battery tracking, energy demand forecasting, and seamless energy distribution. The network currently handles over 200 battery swaps per day, boasting a 99% charge success rate and an average swap time of under two minutes—enhancing convenience, reducing fuel dependency, and improving operational uptime for users.
The latest funding round includes $3.25 million in equity, $4.315 million in debt, and $590,000 in grants. The round was co-led by E3 Capital and Injaro Investment Advisors, both of whom contributed equity investments. Additional backing came from the Shell Foundation, which provided catalytic debt and grant support through the UK Government’s Transforming Energy Access (TEA) initiative.
Notably, Kofa also attracted investment from prominent European angel investors, including Richard Thwaites, founder of grid-scale battery firm Penso Power—recently acquired by BW Group. Thwaites brings industry expertise and strategic insights crucial to Kofa’s continued growth in the energy storage sector.
The funding will accelerate Kofa’s expansion into three additional cities across West and East Africa and support the rapid development of its proprietary AI-driven battery management platform. This technology will be central to scaling operations and managing a high volume of battery units across multiple regions.
Speaking on the milestone, Kofa’s CEO and founder Erik Nygard said the investment validates the company’s mission to redefine energy access in Africa’s urban centers. “This shift to clean energy is more than an environmental imperative—it’s an economic necessity. For Africa’s energy transition to succeed, we need to scale local manufacturing, expand battery networks, and harness AI to optimize systems,” he said.
Nygard emphasized that with the right ecosystem—including robust infrastructure, strong investor support, and advanced technology—clean energy can become the most practical and cost-effective solution across the continent.
As Ghana and other African nations intensify efforts to adopt sustainable energy, Kofa’s scalable, tech-driven approach offers a promising model for cleaner cities and economic resilience in a climate-conscious future.
