- Kofa Technologies, a Ghanaian startup focusing on clean and portable battery solutions, and PASH Global, an impact investor, have announced the expansion of Kofa’s battery-swapping network in Ghana.
- The network aims to deploy 6,000 batteries and up to 100 swap stations across Ghana, providing reliable energy access and supporting the shift to clean energy and widespread EV adoption in Africa.
- The expansion of this Special Purpose Vehicle (SPV) is supported by a £2.35 million ($3.13M) investment from the Shell Foundation, co-funded by the UK Government via its Transforming Energy Access (TEA) platform.
The Shell Foundation and TEA are also committing an additional £1.4 million ($1.8M) to support Kofa’s e-bike asset financing, research on the impact of Kofa’s multi-use battery technology, and operating expenses.
This project, led by Kofa and PASH, aims to provide reliable, affordable, and clean energy for electric two-wheelers, as well as power small businesses and homes that currently rely on small petrol generators, thereby helping to displace these generators and significantly reduce reliance on fossil fuels.
Kofa will be in charge of battery network management and SPV operations, including infrastructure for battery swapping, to ensure customers can access fully charged batteries.
PASH will help with the operational maintenance, deployment, and management of the battery swapping stations, and it intends to convert them entirely to solar power, thereby increasing the station's impact.
Jonathan Berman, CEO of Shell Foundation, stated that providing transporters and microentrepreneurs with clean energy boosts incomes while reducing emissions. He added that this partnership is crucial for expanding e-mobility and clean energy solutions across Africa and reaching millions of customers globally.
According to reports, the startup planned to expand into Kenya and Togo in June 2024, to provide a cost-effective and sustainable energy solution for West Africa while continuing to roll out its e-motorcycles in Ghana.
Ghana has approximately 17,000 registered electric vehicles, including two- and three-wheelers, making it one of Africa's largest EV four-wheeler fleets.
The EV market in Africa is projected to reach a revenue of $204.8 million in 2024. The market volume is expected to reach $313.3 million by 2029, with an annual growth rate (CAGR 2024-2029) of 8.87%.
Zeno, a startup founded by Tesla alumnus Michael Spencer, has recently entered the rapidly growing sector. The startup raised $9.5 million to accelerate plans to introduce swappable battery technology across East Africa with the introduction of its first electric motorbikes in early 2025.
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Other competitors include Rwanda’s Ampersand, which recently raised an additional $2 million in equity ahead of a Series B round to expand the rollout of EV energy technology, and BasiGo, which secured $225,000 to upgrade its charging infrastructure.
