Ghana-Based Kofa Bags USD 8.1 M Pre-Series A To Scale Battery Network

Ghanaian clean energy startup Kofaa has secured USD 8.1 M in pre-Series A funding to accelerate the rollout of its AI-driven battery-swapping infrastructure across African cities, starting with Ghana and Kenya.

The round combines USD 3.25 M in equity, led by climate-focused VC firms E3 Capital and Injaro Investment Advisors, with USD 4.3 M in debt and USD 590 K in grants from the Shell Foundation and the UK Government’s Transforming Energy Access (TEA) platform.

Founded in 2022 by Erik Nygard, Kofa operates a growing network of swappable batteries designed to power motorcycles, homes, and small businesses. With over 200 daily battery swaps and a 99% charge rate, the company is positioning itself as a cornerstone of urban Africa’s transition away from fossil fuels. Its proprietary IoT and AI platform enables predictive battery management, ensuring energy availability in real time.

The raise stands out for its strong local backing. Injaro’s investment draws from Ghanaian pension funds, underscoring a shift toward locally sourced capital in Africa’s energy transition. European battery expert Richard Thwaites, founder of Penso Power, also joined the round as an investor, signalling confidence from seasoned international players.

Kofa’s growth strategy goes beyond product deployment. It’s building an entire clean energy ecosystem through partnerships with manufacturers, distributors, and financiers. The company licenses its IP, designs market-specific products, and adopts an asset-light model backed by a Special Purpose Vehicle (SPV) to fund infrastructure like swap stations.

With Africa’s urban centres grappling with energy reliability and generators supplying up to 40% of power in some regions, Kofa’s model offers a scalable, tech-enabled alternative. The new capital will enable Kofa to expand into more cities and bring its user-centric energy solution to a wider customer base, laying the groundwork for a cleaner, locally empowered urban energy future.