Kofa Holdings gets funding to reduce emission

Accra, May 27, GNA – Kofa Holdings, a Ghanaian and UK-based energy technology company,  has secured funding from Mercy Corps Ventures, Shell Foundation, the Foreign, Commonwealth & Development Office (FCDO), Wangara Green Ventures, and a number of Angel investors to reduce emissions.

The funding will empower Kofa to accelerate its launch into multiple cities across Ghana with an affordable, sustainable, and customer-driven electricity network using swappable batteries.  

It said the cost and access to energy, especially in mobility and logistics, had become a major barrier to scaling local businesses, hence the initiative, a release from the Company said.

“As oil and gas prices spike and blackouts continue, the need for resilient energy systems for consumers and small businesses has become essential. ”  

The statement said there were about 30 million moto-taxis in Africa, spending about $100 billion each year on fuel ($11/day/bike) and that the opportunity to convert riders to use electric bikes was huge.  

It said the Company’s battery-as-a-service model would promote the transition of mobility and generators away from fossil fuels, significantly reducing carbon dioxide (CO2) and greenhouse gases emissions.  

The statement said the use of electric vehicles, powered by Kofa’s batteries, could lead to a significant reduction of emissions, which would impact the environment positively.  

“Starting with mobility, the Company offers one of the continent’s smartest solutions to switch Africa’s 30 million+ gas-powered motorbikes to electric vehicles while offering customers additional ways to use the battery over its lifetime: grid backup at home; grid alternative in sub-urban shops to power retailer appliances, and more,” it said.  

“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 Mr Toffene Kama, the Investment Principal at Mercy Corps Ventures, said.

He said Kofa’s battery swap- and- go services would allowed motorcycle riders, drop off depleted batteries at charging stations located in key locations within major cities in Ghana and exchange them for fully charged ones.  

The innovative service is accessible and affordable to all, regardless of gender or income, promoting equal access to clean energy solutions across Ghana.  

With an ambitious goal of reaching 10 million customers across Africa actively through its battery network, Kofa aims to offset 10 million tons of CO2 per year by displacing petrol.  
GNA

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