Kofa, a leading technology-driven energy company and end-to-end ecosystem enabler, has closed an $8.1 million pre-Series A funding round to fuel the company’s expansion, and supercharge its AI-powered battery-swapping network, delivering reliable, clean energy solutions to urban Africa, starting in Ghana and Kenya. The round was co-led by E3 Capital and Injaro Investment Advisors, both providing equity. Shell Foundation contributed to the raise through catalytic debt and grant, co-funded with the UK Government through its Transforming Energy Access (TEA) platform. The fund also features backing from high-profile European angel investors in the battery industry, including Richard Thwaites, founder of Penso Power, one of Europe’s leading grid scale battery businesses.

Andrew Darge, E3 Capital’s lead on the transaction, said, “In investing in Africa for over a decade, we have seen firsthand the evolution of Africa’s distributed renewable energy sector – and in particular the rise of electric mobility and battery technologies. Kofa stands out in having demonstrated a unique ability to build not just a product but an entire ecosystem to drive capital efficiency and create a compelling commercial opportunity for the adoption of clean energy at scale. Their approach aligns with our mission to support low-carbon solutions that catalyse measurable, sustainable impact across Africa.”

‍This funding round will accelerate Kofa’s expansion into three major cities across West and East Africa. It will also fast-track the development of its proprietary AI-driven battery management platform, a game-changing differentiator crucial for optimising and scaling its network to efficiently manage millions of batteries.

Erik Nygard CEO and Founder of Kofa said: “This funding validates our vision to transform urban Africa’s energy landscape; and we are committed to building the ecosystem necessary to make this a reality. The shift to cleaner energy, for both domestic and commercial use, goes beyond sustainability - it drives real economic impact but for this transition to succeed, several key elements must come together.” 

‍Since its inception in 2022, Kofa has rapidly become a driving force in the clean energy sector. The company has developed a swappable battery network that provides reliable, clean energy for motorcycles, households, and small businesses. Leveraging its cutting-edge technology and proprietary Internet of Things (IoT) system – which tracks battery usage, predicts demand, and optimises energy distribution.