Kofa has successfully secured $8.1 million in pre-Series A funding to expand its AI-driven battery-swapping network, aimed at delivering clean energy solutions across urban Africa, starting with Ghana and Kenya.

Target Information

Kofa is a pioneering technology-focused energy company that acts as an end-to-end ecosystem enabler. Recently, the company closed a pre-Series A funding round of $8.1 million aimed at expanding its operations and enhancing its AI-powered battery-swapping network. This network is designed to deliver reliable and clean energy solutions to urban regions in Africa, specifically starting in Ghana and Kenya.

This funding round was co-led by E3 Capital and Injaro Investment Advisors, both of which provided equity investment. Additionally, the Shell Foundation contributed through catalytic debt and grants, co-funded by the UK Government as part of its Transforming Energy Access (TEA) initiative. The round also garnered support from prominent European angel investors in the battery sector, including Richard Thwaites, founder of Penso Power, one of Europe's leading companies in grid-scale battery solutions.

Industry Overview

The landscape of renewable energy in Africa has witnessed remarkable growth over recent years. Countries like Ghana and Kenya are leading the charge, thanks to increasing inve