Kofa, an energy technology firm based in Ghana and the United Kingdom, has received seed capital to propel it towards achieving its aim of providing access to sustainable energy for 10 million users across Africa and offsetting 10 million tonnes of CO2 each year.
In addition to a number of well-known angel investors, Mercy Corps Ventures, the Shell Foundation, the United Kingdom’s Foreign, Commonwealth, and Development Office (FCDO), and Wangara Green Ventures were the primary contributors to this round of investment.
The money will enable Kofa to accelerate its growth into numerous cities across Ghana by using its upgraded second-generation products. This is in accordance with the company’s aim of developing an inexpensive, sustainable, and customer-centric electrical network based on swappable batteries, and it will enable Kofa to get one step closer to realising that vision.
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According to the Stats, the continent of Africa is home to around 30 million moto-taxis, which spend an astounding $100 billion annually on fuel, which comes out to $11 per day each bike. Kofa has the ability to capitalise on a great business opportunity presented by the possibility of converting these riders to electric bikes.
The combustion of fossil fuels is responsible for a significant portion of the greenhouse effect. In fact, fossil fuels are responsible for more than 75 percent of the world’s greenhouse gas emissions and approximately 90 percent of all carbon dioxide emissions.
Kofa’s Plans
Beginning with mobility, Kofa provides a creative answer to the problem of converting Africa’s more than 30 million gas-powered motorcycles into electric vehicles (EVs). At the same time, the company gives consumers new uses for the battery throughout the course of the battery’s lifespan.
Among these applications are serving as a backup for the grid at home, providing an alternative to the grid in suburban shops to power retailer appliances, and other uses.
Kofa’s battery swap-and-go services allow users, such as motorbike riders, to easily replace dead batteries for fully charged ones at charging stations that are strategically situated in key places inside the major cities of Ghana. These charging stations are deliberately located in key sections of the cities.
What Occurs After This
By securing this preliminary finance, the company intends to demonstrate the viability of its intelligent battery-swapping network and lay a solid foundation for its continued expansion in the years to come.
Kofa expects that the proper execution of its purpose will have a beneficial influence on the lives of millions of people while simultaneously generating savings to customers of around $2 billion annually.
Remarks from Toffene Kama.
The revolutionary potential of Kofa’s wireless energy solutions is emphasised by Toffene Kama, an Investment Principal of Mercy Corps Ventures.
“These batteries are packets of energy going cableless, just like the mobile phone went wireless and conquered the whole of Africa a decade ago,” said Toffene Kama.
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About Kofa
The term “Go get it” is derived from the Akan phrase “Sankofa,” which means “Go back and get it.” Kofa means “Go get it.”
This a name that is appropriate for the company, as they are comprised of genuine go-getters and have a strong ambition to both learn from their history and design for the future.
The members of Kofa’s team are worried about the environmental problems that our world is currently facing. They believe that Africa will play a leading role in making the world a better place by re-engineering a large number of the legacy systems that enable energy access, transportation, and other areas of concern.
This organisation is feeling more confident as a result of the prospects that have presented themselves in the areas of environmental sustainability, expanding access to green energy, and enhancing people’s health, prosperity, and happiness.
By collaborating closely with its stakeholders, consumers, and communities, Kofa will be able to accomplish this goal through the use of their technology.