Kofa raises £3.75m to launch new battery swapping network in Ghana

0
60
Share this

Kofa, a Ghanaian company re-engineering energy access through clean and portable battery solutions, and PASH Global, an impact investor, have expanded Kofa’s battery swapping network in Ghana backed by a £2.35 million commitment from Shell Foundation through its Transforming Energy Access (TEA) platform.

Shell and TEA are committing an additional £1.4 million to support Kofa’s e-bike asset financing, research on the impact of Kofa’s multi-use battery technology, and operating expenses to promote clean energy access by providing cleaner backup power solutions that displace petrol generators, reducing fumes and noise pollution in urban areas.

The expanded battery network will also reduce the reliance on petrol-powered motorcycles, contributing to cleaner air and more sustainable urban environments. The project was officially announced by Lord Collins of Highbury, Parliamentary Under-Secretary of State (Africa) on the 17th of September, marking a major milestone in Africa’s transition to clean energy.

Speaking at the event, Lord Collins said, Today’s announcement demonstrates the UK’s continued commitment to supporting clean energy initiatives across the world. This project not only fosters economic growth, it also strengthens the UK’s partnership with Ghana, contributing to a greener, more resilient future for Ghana. It’s a perfect example showcasing how we go far when we go together.”

This innovative project, led by Kofa and PASH, aims to deliver reliable, affordable, and clean energy for electric two-wheelers while also supplying power to small businesses and homes that currently depend on small petrol generators — helping to displace these generators and significantly reduce reliance on fossil fuels.

Kofa will focus on their core business of battery network management and support of the SPV operations. This involves infrastructure to manage battery swapping for users — ensuring that customers can access fully charged batteries at any time. PASH will play a crucial role supporting Kofa in the operational maintenance, deployment and management of the battery swapping stations.

The network is targeting a deployment of 6,000 batteries and up to 100 swap stations across Ghana, ensuring that energy is accessible anytime, anywhere, and promoting the transition to clean energy and the large-scale adoption of EVs in Africa. This multi-use, climate-resilient model is specifically designed for urban environments and aims to achieve economies of scale by aggregating operators and introducing interoperability, ultimately reducing costs, and enhancing service reliability. PASH also intends, in due course, to transform these swap stations to be fully powered by solar power, further increasing the impact of the station.

Preliminary analysis indicates that electric motorcycles in Ghana are already up to 20% cheaper to operate compared to internal combustion engine (ICE) vehicles. As battery prices continue to decline, these savings are expected to increase, further incentivising the shift to electric vehicles.

“The partnership between Kofa and PASH represents a powerful step forward in delivering sustainable energy solutions across Africa,” said Kofi Owusu Bempah, Founder and CEO of PASH Global. “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.”

“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

“Serving Transporters and Microentrepreneurs with clean energy raises incomes while cutting emissions. This is critical to Shell Foundation’s charitable mission. We are proud to partner with PASH to scale Kofa’s technology, with co-funding through our long-term strategic relationship with the UK Government. Collaborations such as these are vital in scaling e-mobility and clean energy solutions in Africa and beyond to millions of customers,” said Jonathan Berman, CEO at Shell Foundation

Share this

Leave a Reply