- Kofa Technologies, a Ghanaian startup focused on clean and portable battery solutions, and PASH Global, an impact investor, have announced the expansion of Kofa’s battery exchange network in Ghana.
- The network aims to deploy 6,000 batteries and up to 100 exchange stations across Ghana, providing reliable energy access and supporting the clean energy shift and widespread EV adoption in Africa.
- The expansion of this special purpose vehicle (SPV) is supported by a £2.35 million ($3.13 million) investment from the Shell Foundation, co-funded by the UK government through the Transforming Energy Access (TEA) platform.
The Shell Foundation and TEA are also committing an additional £1.4 million ($1.8 million) to support Kofa’s asset funding for e-bikes, research into the impact of Kofa’s multi-use battery technology and operational expenses.
This project, led by Kofa and PASH, aims to provide reliable, affordable and clean energy for electric two-wheelers, as well as powering small businesses and homes that currently rely on small gasoline generators, thereby helping to displace these generators and to significantly reduce dependence on fossil fuels.
Kofa will be responsible for battery network management and SPV operations, including battery swapping infrastructure, to ensure customers have access to fully charged batteries.
PASH will assist with the operational maintenance, development and management of the battery swap stations and intends to convert them entirely to solar power, thereby increasing the station’s impact.
Jonathan Berman, CEO of the Shell Foundation, said providing clean energy to transporters and small businesses boosts incomes while reducing emissions. He added that this partnership is vital to expanding electrification and clean energy solutions across Africa and reaching millions of customers worldwide.
According to exhibitionsthe startup planned to expand to Kenya and Togo in June 2024, to provide a cost-effective and sustainable energy solution for West Africa, while continuing to market its e-bikes in Ghana.
Ghana has approx 17,000 registered electric vehiclesincluding two-wheelers and three-wheelers, making it one of Africa’s largest fleets of four-wheeled electric vehicles.
The EV market in Africa is is displayed to reach a revenue of USD 204.8 million in 2024. The market volume is expected to reach USD 313.3 million by 2029, with a CAGR of 8.87% during 2024-2029.
Zeno, a startup founded by Tesla alumnus Michael Spencer, recently entered the fast-growing sector. The startup has raised $9.5 million to accelerate plans to introduce swappable battery technology across East Africa with the introduction of its first electric motorcycles in early 2025.
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Other contenders include Rwanda’s Ampersand, which recently raised an additional $2 million in equity capital ahead of its Series B round to expand its EV energy technology development, and BasiGo, which secured $225,000 to upgrade its charging infrastructure.