Ghanaian clean-tech startup Kofa has successfully raised $8.1 million in funding to accelerate the expansion of its innovative battery swapping network across East and West Africa. This investment will bolster Kofa’s mission to provide affordable, clean energy solutions for electric mobility and small businesses in the region.
Pioneering Battery Swapping Technology
Founded in 2021, Kofa has been at the forefront of developing battery as a service models tailored for the African market. The company’s Kore2 Swap & Go network allows users to exchange depleted batteries for fully charged ones at strategically located stations, eliminating the downtime associated with traditional charging methods. This system is particularly beneficial for electric motorcycle riders and small business owners who rely on consistent power supply.
The Kore2 battery, an upgrade from its predecessor, boasts a capacity of 2.3 kWh 28% more than the original Kore1. This enhancement enables the battery to power essential appliances in small urban shops for up to 15 hours or drive high-wattage tools for 2 to 4 hours. Additionally, when used in electric motorcycles like the TAILG Jidi, the battery offers a range of approximately 100 km.
Strategic Partnerships and Expansion Plans
Kofa’s recent funding round was supported by notable entities, including the Shell Foundation, the UK’s Foreign, Commonwealth & Development Office (FCDO), Wangara Green Ventures, and Mercy Corps Ventures. These partnerships underscore the global confidence in Kofa’s vision and technological capabilities.
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The company has already established 12 battery swap stations across Accra, some of which are solar-powered, facilitating over 20,000 battery swaps monthly. With the new funding, Kofa aims to install an additional 80 stations by the end of 2024, expanding its reach to multiple African cities and increasing its capacity to over 100,000 swaps per month.
Electric motorcycle, specifically designed for the African market. This partnership plans to introduce 200,000 electric motorcycles and establish over 5,000 battery swap stations across Africa by 2030.
Environmental and Economic Impact
Kofa’s battery swapping model offers a sustainable alternative to fossil fuels, aiming to significantly reduce carbon emissions. The company estimates that its network will help avoid 2,160 tonnes of CO2 emissions annually, particularly through the adoption of electric motorcycles like the Jidi.
Economically, the Kore2 battery system is at least 30% more cost-effective than traditional petrol sources, providing substantial savings for users. This affordability is crucial for small business owners and transport operators in regions where fuel costs can be prohibitive.
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With the secured funding and strategic partnerships, Kofa is poised to revolutionize energy access and electric mobility in Africa. The company’s expansion into East and West Africa signifies a significant step towards sustainable energy solutions tailored for the continent’s unique challenges and opportunities.
As Kofa continues to innovate and expand, its impact on reducing emissions, lowering energy costs, and enhancing mobility options is expected to grow, contributing to a cleaner and more sustainable future for Africa.
