Kofa closed a seed stage funding earlier this year to accelerate towards its mission of providing 10 million customers with access to clean energy and thus offsetting 10 million tonnes CO2 annually across Africa. This initial funding will be used to validate its technology and business model of providing an intelligent battery–swapping network, where customers can access energy, anywhere, anytime starting in Ghana.
Accra, Ghana, April 2023 – Mercy Corps Ventures, Shell Foundation, UK’s FCDO, and Wangara Green Ventures, along with a number of high profile 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 moto-taxis in Africa, spending about $100 billion each year on fuel ($11/day/bike). The opportunity to convert riders to use electric bikes is huge.
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. Fossil fuels contribute greatly to the greenhouse effect, accounting for over 75% of global greenhouse gas emissions and nearly 90% of all carbon dioxide emissions[1]. The use of electric vehicles, powered by Kofa’s batteries, leads to a significant reduction of CO2 and GHG emissions, which ultimately impacts the environment positively.
Starting with mobility, the company offers one of the continent’s smartest solutions to switch Africa’s 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 sub-urban 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. This innovative service is accessible and affordable to all, regardless of gender or income, promoting equal access to clean energy solutions across Ghana. With an ambitious goal of reaching 10 million customers across Africa actively through its battery network, Kofa aims to offset 10 million tons of CO2 per year by displacing petrol. This would also deliver around $2 billion in annual customer savings.
Kofa
Kofa is an energy technology company that provides access to energy through an intelligent battery swapping network focused on African urban environments initially. The Kofa technology is underpinned by a blend of edge and cloud computing that manages the network of batteries and swapping stations with a focus on delivering an exceptional customer experience. The batteries can be used for multiple purposes from mobility to productive use, providing customers with a cheaper and cleaner alternative to fuel.
Learn more at https://www.kofa.co/
Mercy Corps Ventures
Mercy Corps Ventures invests in and catalyzes venture-led solutions to increase the resilience of underserved individuals and communities. Founded in 2015 as the impact investing arm of global development agency, Mercy Corps, we’ve supported 43 early-stage ventures to scale and raise over $396.7 million in follow-on capital. Our portfolio is 49% female-founded and centers around resilience-building solutions in adaptive agriculture and food systems, inclusive fintech, and climate-smart technologies, so that those living in frontier markets can withstand disruption and plan for the future. Through capital and support, piloting new approaches, action-oriented insights, and rigorously managing impact, we catalyze the ecosystem toward smarter, more impactful investments.
Learn more at www.mercycorpsventures.vc
Shell Foundation
Shell Foundation (SF) is a charity registered in England and Wales, founded by Shell in 2000, that creates and scales business solutions that empower underserved populations to earn a living income through access to clean energy products and services.
Learn more at https://shellfoundation.org
Wangara Green Ventures
Wangara Green Ventures is committed to investing between USD 50,000 to USD 500,000 in Small and Growing Ghanaian Businesses (SGBs) that are making a social and environmental impact in Ghana. The company also supports the growth and sustainability of these SGBs by making available pre-investment and post-investment Technical Assistance Grants. The investment in Kofa Holdings is a testament to Wangara’s commitment to supporting innovative solutions that promote environmental sustainability and promote equal access to clean energy solutions across Ghana and the African continent.
Learn more at www.wangaragreenventures.com
