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Kofa Technologies and PASH Global Lead £6.15 million Battery Swapping Network Launch in Ghana with Support from Shell Foundation and UK Government

  • GBP £6.15 million initiative to accelerate electric vehicle adoption in Ghana, led by Kofa Technologies in partnership with PASH Global.
  • UK charity Shell Foundation is backing the project as part of a £3.8 million total commitment co-funded with the UK Government.
  • Project officially announced by Lord Collins of Highbury, Parliamentary Under-Secretary of State (Africa) on the 17th of September, marking a major milestone in Africa’s e-mobility revolution.

Accra, Ghana – 17 September 2024: Kofa Technologies Ltd. (“Kofa”), a Ghanaian company re-engineering energy access through clean and portable battery solutions, and PASH Global (“PASH”), a leading impact investor, today announced the expansion of Kofa’s battery swapping network in Ghana.

This Special Purpose Vehicle (SPV) expansion is backed by a £2.35 million commitment from Shell Foundation, co-funded with the UK Government through its Transforming Energy Access (TEA) platform. Shell Foundation and TEA are committing an additional £1.4 million to support Kofa’s e-bike asset financing, research on the impact of Kofa’s multi-use battery technology, and operating expenses.

This groundbreaking initiative aims to promote clean energy access by providing cleaner backup power solutions that displace petrol generators, reducing fumes and noise pollution in urban areas. The expanded battery network will also reduce the reliance on petrol-powered motorcycles, contributing to cleaner air and more sustainable urban environments. The project was officially announced by Lord Collins of Highbury, Parliamentary Under-Secretary of State (Africa) on the 17th of September, marking a major milestone in Africa’s transition to clean energy.

Speaking at the event, Lord Collins said, “Today’s announcement demonstrates the UK’s continued commitment to supporting clean energy initiatives across the world. This project not only fosters economic growth, it also strengthens the UK’s partnership with Ghana, contributing to a greener, more resilient future for Ghana. It’s a perfect example showcasing how we go far when we go together.”

This innovative project, led by Kofa and PASH, aims to deliver reliable, affordable, and clean energy for electric two-wheelers while also supplying power to small businesses and homes that currently depend on small petrol generators—helping to displace these generators and significantly reduce reliance on fossil fuels.

Kofa will focus on their core business of battery network management and support of the SPV operations. This involves infrastructure to manage battery swapping for users – ensuring that customers can access fully charged batteries at any time. PASH will play a crucial role supporting Kofa in the operational maintenance, deployment and management of the battery swapping stations.

The network is targeting a deployment of 6,000 batteries and up to 100 swap stations across Ghana, ensuring that energy is accessible anytime, anywhere, and promoting the transition to clean energy and the large-scale adoption of EVs in Africa. This multi-use, climate-resilient model is specifically designed for urban environments and aims to achieve economies of scale by aggregating operators and introducing interoperability, ultimately reducing costs, and enhancing service reliability. PASH also intends, in due course, to transform these swap stations to be fully powered by solar power, further increasing the impact of the station.

Preliminary analysis indicates that electric motorcycles in Ghana are already up to 20% cheaper to operate compared to internal combustion engine (ICE) vehicles. As battery prices continue to decline, these savings are expected to increase, further incentivising the shift to electric vehicles.

“The partnership between Kofa and PASH represents a powerful step forward in delivering sustainable energy solutions across Africa,” said Kofi Owusu Bempah, Founder and CEO of PASH Global. “With the strong backing of Shell Foundation and the UK Government, we are well-positioned to lead the charge in the e-mobility revolution, beginning with this transformative project in Ghana.”

“This initiative is a significant step toward cleaner, more sustainable energy solutions in Ghana. With the support of our partners, we are building a foundation that will not only benefit local communities and businesses but also serve as a model for clean energy innovation across Africa,” said Erik Nygard, CEO of Kofa Technologies

“Serving Transporters and Microentrepreneurs with clean energy raises incomes while cutting emissions. This is critical to Shell Foundation’s charitable mission. We are proud to partner with PASH to scale Kofa’s technology, with co-funding through our long-term strategic relationship with the UK Government. Collaborations such as these are vital in scaling e-mobility and clean energy solutions in Africa and beyond to millions of customers,” said Jonathan Berman, CEO at Shell Foundation

ENDS

For more information, please contact:

Kofa
Idah Mannoh:
Ida.Mannoh@kofa.co

PASH

Michael Mpofu
Pash_Global@citigatedewerogerson.com
+44 (0)79 326 81947

UK Government

Matthew Yartey
Matthew.Yartey@fcdo.gov.uk
+233 55 255 8235

Shell Foundation

Gary Almond
Gary.Almond@eikhu.preview.prostack.host

About KOFA:

Kofa Technologies Ltd. is a Ghanaian company transforming energy access through clean, portable battery solutions. The company’s vision is to create an affordable, customer-driven electricity network powered by renewable energy, reducing reliance on fossil fuels in mobility, businesses, and homes. The Kofa Swap & Go network offers immediate access to fully charged batteries through conveniently located swap stations, allowing users to quickly exchange depleted batteries for charged ones. Kofa is dedicated to providing innovative energy solutions that contribute to a cleaner and more sustainable future for Africa.

About PASH Global:

PASH Global is an impact investor and developer of clean power projects worldwide, with a focus on creating positive environmental impacts and minimizing electricity costs. The company is dedicated to advancing sustainable energy solutions that drive economic growth and improve lives across emerging markets.

About Shell Foundation:

Shell Foundation is an endowed, UK-registered charity that catalyses clean energy innovation and unlocks inclusive investments in Africa and India, empowering millions of underserved customers to increase their incomes while cutting emissions. To achieve its charitable mission, Shell Foundation supports early-stage innovation and then partners with finance and corporate organisations to accelerate scale. It has had a co-funding partnership with the UK Government’s Foreign, Commonwealth & Development office since 2016, with specific workstreams on venture building, research, and agriculture.

About Transforming Energy Access:

Transforming Energy Access (TEA) is the flagship FCDO research and innovation platform supporting the technologies, business models and skills needed to enable a just and inclusive clean energy transition across sub-Saharan Africa, South Asia, and the Indo-Pacific region. This includes support to innovations across the three Ayrton Fund themes of clean supply, super-efficient demand and smart delivery, as well as integration of solutions across the three. In late 2021, a £126m scale-up of the platform was announced at COP26, further advancing TEA into a major delivery platform for the Ayrton Fund. It is focused on delivering innovations enabling a just transition for roughly 685 million people that currently lack access to energy, and over two billion people reliant on harmful fossil fuels for cooking. https://tea.carbontrust.com/

About the Ayrton Fund:

The Ayrton Fund is a UK Government initiative launched at the UN Climate Action Summit in 2019, committing up to £1 billion for clean energy innovation. This fund is part of the broader £11.6 billion allocated for UK International Climate Finance from 2021 to 2026. The Ayrton Fund aims to facilitate the clean energy transition in developing countries by developing and demonstrating new technologies and business models. It showcases the UK’s leadership in reducing global emissions through innovative solutions. The fund is managed collaboratively by the Foreign, Commonwealth & Development Office (FCDO), the Department for Energy Security and Net Zero (DESNZ), and the Department for Science, Innovation and Technology (DSIT).