Kofa raises $8.1 million to expand battery-swapping energy network
- Kofa raised $8.1 million in pre-Series A funding to expand its battery-swapping infrastructure.
- The funding round was co-led by E3 Capital and Injaro Investment Advisors, with participation from Shell Foundation.
- Kofa operates a battery-swapping network allowing users to swap depleted batteries for charged ones in under two minutes.
Kofa's innovative approach to clean energy through battery swapping not only addresses the pressing issue of unreliable electricity in Africa but also presents a scalable business model that could revolutionize energy consumption in the region. The focus on partnerships rather than vertical integration is a strategic advantage that could lead to greater market penetration and sustainability.
