Ghana: Battery company lands investment from Wangara, Mercy Corps, others
Mercy Corps Ventures, Shell Foundation, the UK’s FCDO and Wangara Green Ventures, along with a number of angel investors, have announced an investment into Kofa Holdings, a Ghanaian and UK-based energy technology company that is on a mission to create an affordable, sustainable, and customer-driven electricity network using swappable batteries.
The cost of, and access to energy, especially in mobility and logistics, has become a major barrier to scaling local businesses. As oil and gas prices spike and blackouts continue, the need for resilient energy systems for consumers and small businesses has become essential.
The funding will allow Kofa to accelerate its launch into multiple cities across Ghana with its improved second generation of products.
There are approximately 30 million motorcycle taxis in Africa, spending about $100 billion each year on fuel ($11/day/bike). The opportunity to convert riders to use electric bikes is significant.
Kofa’s mission is to provide customers with clean, affordable energy solutions through a portable battery network that can power multiple use cases. The company’s battery-as-a-service model will promote the transition of mobility and generators away from fossil fuels, significantly reducing CO2 and GHG emissions in the process.
Starting with mobility, the company offers a solution to switch Africa’s more than 30 million gas-powered motorbikes to electric vehicles (EVs), while offering customers additional ways to use the battery over its lifetime: grid backup at home; grid alternative in suburban shops to power retailer appliances, and more.
“These batteries are packets of energy going cableless, just like the mobile phone went wireless and conquered the whole of Africa a decade ago,” says Toffene Kama, investment principal at Mercy Corps Ventures.
Kofa’s battery swap- and-go services allow users, such as motorcycle riders, to drop off depleted batteries at charging stations located in key locations within major cities in Ghana and exchange them for fully charged ones.