Kofa Raises £3.75m to Start New Battery Swapping Network in Ghana

Kofa, a Ghanaian company, and PASH Global, an impact investor, have expanded Kofa battery-swapping network in Ghana. The Special Purpose Vehicle (SPV) expansion is backed by a £2.35 million commitment from the Shell Foundation through its Transforming Energy Access (TEA) platform.

Kofa Battery Swapping Network Expansion

The partnership will support the deployment of 6,000 batteries and up to 100 swap stations across Ghana.

The Kofa battery-swapping network will provide clean energy for electric two-wheelers, small businesses, and homes, reducing reliance on fossil fuels.

The project aims to deliver reliable, affordable, and clean energy for electric two-wheelers while also supplying power to small businesses and homes that currently depend on small petrol generators, helping to displace these generators and significantly reduce reliance on fossil fuels. 

Preliminary analysis indicates that electric motorcycles in Ghana are already up to 20% cheaper to operate compared to internal combustion engine (ICE) vehicles. 

As battery prices continue to decline, these savings are expected to increase, further incentivizing the shift to electric vehicles.

Benefits Of Kofa New Battery Network

The project was officially announced by Lord Collins of Highbury, Parliamentary Under-Secretary of State (Africa) on the 17th of September, marking a major milestone in Africa’s transition to clean energy.

Speaking at the event, Lord Collins said, “Today’s announcement demonstrates the UK’s continued commitment to supporting clean energy initiatives across the world. 

This project not only fosters economic growth, it also strengthens the UK’s partnership with Ghana, contributing to a greener, more resilient future for Ghana. It’s a perfect example showcasing how we go far when we go together.

Also Read: Kenyan Autopax and Ghanaian Kofa to Launch Electric Motorcycles

Battery Expansion Part Of Kofa’s Broader Goal To Provide Clean Energy 

Kofa will focus on its core business of battery network management and support of the SPV operations. This involves infrastructure to manage battery swapping for users, while ensuring that customers can access fully charged batteries at any time. 

“This initiative is a significant step towards cleaner, more sustainable energy solutions in Ghana,” said Erik Nygard, CEO of Kofa Technologies.

“With the support of our partners, we are building a foundation that will benefit local communities and businesses.”

PASH will play a crucial role in supporting Kofa in the operational maintenance, deployment, and management of the battery swapping stations.

Kofi Owusu Bempah, founder and CEO of PASH Global, said, “The partnership between Kofa and PASH represents a powerful step forward in delivering sustainable energy solutions across Africa.” 

“Also, with the strong backing of Shell Foundation and the UK Government, we are well-positioned to lead the charge in the e-mobility revolution, beginning with this transformative project in Ghana.”

Additionally, that the expansion is part of Kofa’s broader goal to create a sustainable energy future in West Africa. The startup has also announced plans to expand its operations to Kenya and Togo.

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