Grace Ashiru
Kofa Technologies, a Ghanaian startup specializing in clean and portable battery solutions, has teamed up with PASH Global, an impact investor, to expand its battery-swapping network in Ghana. The initiative plans to deploy 6,000 batteries and establish up to 100 swap stations across the country, enhancing reliable energy access and promoting clean energy use while encouraging the adoption of electric vehicles across Africa.
This expansion, facilitated through a Special Purpose Vehicle (SPV), is backed by a £2.35 million ($3.13M) investment from the Shell Foundation, with additional co-funding from the UK Government via its Transforming Energy Access (TEA) platform.
The Shell Foundation and TEA are also contributing an additional £1.4 million ($1.8M) to support Kofa’s e-bike asset financing, research into the impact of Kofa’s multi-use battery technology, and to cover operating expenses.
This initiative, spearheaded by Kofa and PASH, aims to deliver reliable, affordable, and clean energy for electric two-wheelers. It also seeks to provide power to small businesses and homes that currently rely on small petrol generators, helping to replace these generators and significantly reduce fossil fuel dependence.
Kofa will oversee battery network management and SPV operations, which includes the infrastructure needed for battery swapping, ensuring that customers have access to fully charged batteries.
PASH will focus on the operational maintenance, deployment, and management of the battery swapping stations. The organization also plans to transition these stations entirely to solar power, further enhancing their environmental impact.
Jonathan Berman, CEO of Shell Foundation, highlighted that providing transporters and micro-entrepreneurs with access to clean energy not only boosts incomes but also helps reduce emissions. He emphasized that this collaboration is key to scaling e-mobility and clean energy solutions across Africa, with the potential to reach millions of customers globally.
Reports indicate that the startup was set to expand into Kenya and Togo by June 2024, aiming to deliver a cost-effective and sustainable energy solution for West Africa, while continuing the rollout of its e-motorcycles in Ghana.
Ghana, which has around 17,000 registered electric vehicles, including two- and three-wheelers, now boasts one of the largest EV fleets of four-wheelers in Africa.
The African EV market is forecasted to reach $204.8 million in revenue by 2024. By 2029, the market is projected to hit $313.3 million, with a compound annual growth rate (CAGR) of 8.87% from 2024 to 2029.
Zeno, a startup founded by Tesla alumnus Michael Spencer, recently entered the fast-growing sector. The company raised $9.5 million to accelerate its plans to introduce swappable battery technology across East Africa, with the launch of its first electric motorbikes expected in early 2025.
Other competitors include Ampersand from Rwanda, which recently raised an additional $2 million in equity in preparation for a Series B round to further expand its EV energy technology rollout. BasiGo also secured $225,000 to enhance its charging infrastructure.
