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Clean-tech startup, Kofa raises $5 million funding via SPV

September 24, 2024

Ghanaian clean-tech startup, Kofa raises $5 million funding via SPV. Kofa Technologies is a leading Ghanaian cleantech that provides access to clean, and reliable portable battery solutions.

At an event last week, Kofa Technologies in collaboration with PASH Global announced the company’s plans to expand its battery-swapping network in Ghana via a special purpose vehicle (SPV). This included a $3.13 million investment from the Shell Foundation, backed by the UK government through the Transforming Energy Access (TEA) platform; additionally, both foundations are committing $1.87 million to support Kofa’s e-bike research.

This funding will enable Kofato to provide affordable and reliable clean energy for electric two-wheelers and small to medium-scale households. The company plans to deploy 6000 batteries and establish up to 100 swap stations across Ghana ensuring that users always have access to energy stations driving the transition to clean energy. In the future, PASH plans to convert these swap stations to run solely on solar power, helping the environment and amplifying their impact.

“The partnership between Kofa and PASH represents a powerful step forward in delivering sustainable energy solutions across Africa, with the strong backing of Shell Foundation and the UK Government, we are well-positioned to lead the charge in the e-mobility revolution, beginning with this transformative project in Ghana,” said Bempah Owusu Bempah, CEO and founder of PASH Global.

“This initiative is a significant step toward cleaner, more sustainable energy solutions in Ghana. With the support of our partners, we are building a foundation that will not only benefit local communities and businesses. But also serve as a model for clean energy innovation across Africa,” said Erik Nygard CEO of Kofa Technologies.