To increase energy access in urban Africa, Ghana’s Kofa closes $8.1 M Pre-series A round

In order to support its growth and accelerate its AI-powered battery-swapping network, Ghanaian startup Kofa, a leader in battery network solutions, has closed a US $8.1 million pre-Series A funding round. The company will first provide dependable, clean energy solutions to urban Africa in Ghana and Kenya.

The swappable battery network that Kofa has created, which was introduced in 2022, offers dependable, clean energy for small businesses, homes, and motorcycles.

Kofa now facilitates over 200 battery swaps per day, achieving a 99 percent charge rate with an average swap time of less than two minutes. This is made possible by the company’s state-of-the-art technology and proprietary Internet of Things (IoT) system, which tracks battery usage, predicts demand, and optimizes energy distribution. This saves time, lowers fuel costs, and keeps businesses operating dependably.

With equity provided by E3 Capital and Injaro Investment Advisors, the company has now raised US$8.1 million in a pre-Series A round that includes US$3.25 million in equity, US$4.315 million in debt, and US$590,000 in grants. Through its Transforming Energy Access (TEA) platform, the Shell Foundation co-funded the fundraising effort with the UK Government, contributing through catalytic debt and grants.

It also has the support of well-known European angel investors in the battery sector, such as Richard Thwaites, who founded Penso Power, one of the top grid-scale battery companies in Europe and was purchased by BW Group in October 2024. Thwaites brings strategic insights into the battery industry.

Kofa’s expansion into three major cities in West and East Africa will be expedited by the funding round. In order to optimize and scale its network and effectively manage millions of batteries, it will also expedite the development of its proprietary AI-driven battery management platform, a game-changing differentiator.

“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.”