Kofa, a Ghana-based renewable energy firm, has raised $8.1 million in a pre-Series A funding to advance clean, reliable energy access in urban Africa.
According to the start-up, the round includes equity, debt, and grants.
E3 Capital and Injaro Investments Limited co-led the initiative, which received catalytic funding from the Shell Foundation and the UK Government's Transforming Energy Access platform, as well as angel investors.
The funds will enable Kofa to expand its artificial intelligence-powered battery-swapping network in Ghana, Kenya, and beyond, as well as accelerate the development of its smart energy platform and bring clean energy to more households, businesses, and motorbike riders in Africa's rapidly growing cities.
After more than a decade of investment in Africa, E3 Capital says it has witnessed first-hand the evolution of the continent's distributed renewable energy sector, particularly the rise of electric mobility and battery technology.
According to the investor, Kofa stands out for 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 large-scale adoption of clean energy, which aligns with E3 Capital's mission to support low-carbon solutions that catalyse measurable, long-term impact across Africa.
Commenting on the funding, 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.”
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