E3 Capital and Injaro back battery-swapping network
Kofa, a Ghana-based energy technology company, has raised $8.1 million in a pre-Series A funding round.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Kofa, a Ghana-based energy technology company, has raised $8.1 million in a pre-Series A funding round. The company plans to use the capital to expand its AI-enabled battery-swapping network in urban areas, beginning with Ghana and Kenya.
The funding round was co-led by E3 Capital and Injaro Investment Advisors, with both firms contributing equity. Additional support came from the Shell Foundation – through a mix of catalytic debt and grants co-funded with the UK Government’s Transforming Energy Access platform – as well as several European battery industry investors, including Richard Thwaites, founder of Penso Power.
Andrew Darge, E3 Capital’s lead on the transaction, said, “In investing in Africa for over a decade, we have seen firsthand the evolution of Africa’s distributed renewable energy sector – and in particular the rise of electric mobility and battery technologies. Kofa stands out in having demonstrated a unique ability to build not just a product but an entire ecosystem to drive capital efficiency and create a compelling commercial opportunity for the adoption of clean energy at scale. Their approach aligns with our mission to support low-carbon solutions that catalyse measurable, sustainable impact across Africa.”
Erik Nygard, CEO and founder of Kofa said: “This funding validates our vision to transform urban Africa’s energy landscape; and we are committed to building the ecosystem necessary to make this a reality. The shift to cleaner energy, for both domestic and commercial use, goes beyond sustainability – it drives real economic impact but for this transition to succeed, several key elements must come together.”
Kofa has built a battery-swapping network designed to supply energy to motorcycles, households, and small businesses. Its proprietary internet-of-things system tracks battery usage, forecasts demand, and manages energy distribution.
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe here