Ghanaian clean energy startup Kofa has raised $8.1 million in pre-Series A funding to scale its AI-powered battery-swapping infrastructure across African cities, beginning with Ghana and Kenya. The round includes $3.25 million in equity led by climate-focused investors E3 Capital and Injaro Investment Advisors, $4.3 million in debt, and $590,000 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 fast-growing network of swappable batteries that power motorcycles, homes, and small businesses. With more than 200 daily battery swaps and a 99% charge rate, Kofa is positioning itself as a key player in Africa’s shift away from fossil fuels. Its proprietary IoT and AI system predicts energy needs in real time, helping to maintain consistent power availability in urban areas where energy reliability is a major challenge.
The funding round reflects strong local and international confidence. Injaro Investment Advisors is backing the startup using capital sourced from Ghanaian pension funds, signaling a growing commitment to homegrown solutions for Africa’s energy transition. Richard Thwaites, founder of UK-based energy storage firm Penso Power, also participated, bringing additional credibility from Europe’s clean tech space.
Beyond technology deployment, Kofa is focused on building a full clean energy ecosystem. The company works with manufacturers, distributors, and financiers, licenses its intellectual property, and adopts an asset-light model supported by a Special Purpose Vehicle (SPV) to finance infrastructure such as battery swap stations.
In cities where unreliable power often leads to heavy generator use, sometimes accounting for up to 40% of electricity, Kofa’s tech-enabled, scalable model offers a cleaner, more efficient solution. The new capital will help Kofa bring its user-friendly, predictive energy system to more urban centers, laying a strong foundation for sustainable growth across the continent.
