Ghanaian Cleantech Kofa Raises USD 5 M

Kofa, a Ghanaian company focused on clean and portable battery solutions, has partnered with impact investor PASH Global to expand its battery-swapping network in Ghana. This initiative is backed by a USD 3.13 M SPV commitment from the Shell Foundation through its Transforming Energy Access (TEA) platform.

Additionally, Shell and TEA are providing USD 1.87 M (SPV) to support Kofa’s e-bike asset financing, research into the impact of its multi-use battery technology, and operational costs. The aim is to promote cleaner energy access by offering backup power solutions that reduce reliance on petrol generators, helping to minimize fumes and noise pollution in urban areas.

Founded in 2021 by Erik Nygard, Kofa’s innovative Battery-as-a-Service (BaaS) model enables customers to access advanced battery technology without needing upfront costs or ownership, offering a flexible and affordable solution for clean energy access.

Last year, the startup raised undisclosed funding from Mercy Corps Ventures, Shell Foundation, UK’s FCDO (Foreign, Commonwealth & Development Office), and Wangara Green Ventures.