Kofa Technologies, a Ghanaian startup, is expanding its clean energy battery-swapping network. This move is supported by a £2.35 million investment from the Shell Foundation. The expansion aims to deploy 6,000 batteries and up to 100 swapping stations across Ghana.
The project, led by Kofa in partnership with PASH Global, seeks to boost reliable energy access. Their goal is to promote the use of electric vehicles (EVs) and reduce dependence on fossil fuels.
Kofa will manage the battery network and swapping infrastructure, ensuring customers have access to fully charged batteries.
PASH Global, an impact investor, will oversee operational maintenance and management of the stations. They also plan to convert the stations to solar power for greater environmental impact.
Support for E-Bike Asset Financing
The investment from the Shell Foundation includes additional funding of £1.4 million. This money will support Kofa’s e-bike asset financing and research into its multi-use battery technology.
The project will also help reduce the use of small petrol generators, providing clean energy to homes and small businesses.
According to Jonathan Berman, CEO of Shell Foundation, clean energy helps boost incomes for transporters and microentrepreneurs while cutting emissions. The expansion is also part of efforts to promote e-mobility across Africa.
Kofa’s network is not limited to Ghana. In June 2024, the startup plans to expand to Kenya and Togo. This will further provide sustainable energy solutions in West Africa while rolling out e-motorcycles.
Growing Electric Vehicle Market in Africa
Ghana has one of Africa’s largest electric vehicle fleets, with about 17,000 registered EVs, including two- and three-wheelers. The African EV market is set to reach $204.8 million in 2024 and grow to $313.3 million by 2029.
Several competitors are entering the growing EV market in Africa. Zeno, a startup founded by Tesla alumnus Michael Spencer, raised $9.5 million to introduce swappable battery technology in East Africa.
Rwanda’s Ampersand and Kenya’s BasiGo have also secured significant investments to expand their EV infrastructure.
This expansion in Ghana by Kofa Technologies marks a key milestone in Africa’s shift towards clean energy and widespread EV adoption.