EV Battery Swapping Network extendment by Kofa Technologies in Ghana
The electric vehicle (EV) market in Africa is set for significant growth, with several key players investing in the sector.
The African Development Bank (AfDB) has made a significant investment in the deployment of battery swapping stations at Kofa Technologies in Ghana. This collaboration aims to expand a battery-swapping network in Ghana, with plans to expand into Kenya and Togo by June 2024. Kofa Technologies, a Ghanaian startup, will oversee battery network management and SPV operations, including infrastructure for battery swapping.
In a move to transition these stations entirely to solar power, PASH Global is set to take on the operational maintenance, deployment, and management of the battery swapping stations. The initiative, backed by a £2.35 million ($3.13M) investment from the Shell Foundation, with additional co-funding from the UK Government's Transforming Energy Access (TEA) platform, targets delivering reliable, affordable, and clean energy for electric two-wheelers and power to small businesses and homes.
The African EV market is forecasted to reach $204.8 million in revenue by 2024, and $313.3 million by 2029, according to projections. The market is projected to have a compound annual growth rate (CAGR) of 8.87% from 2024 to 2029.
Meanwhile, Zeno, a startup founded by Tesla alumnus Michael Spencer, has entered the fast-growing EV sector and raised $9.5 million to introduce swappable battery technology across East Africa. The launch of Zeno's first electric motorbikes is expected in early 2025. This initiative aims to boost incomes for transporters and micro-entrepreneurs while reducing emissions.
BasiGo, another player in the sector, secured $225,000 to enhance its charging infrastructure. The expansion aims to deliver a cost-effective and sustainable energy solution for West Africa.
Ampersand from Rwanda raised an additional $2 million in equity in preparation for a Series B round. The collaboration has the potential to reach millions of customers globally, scaling e-mobility and clean energy solutions across Africa.
Ghana, with around 17,000 registered electric vehicles, including two- and three-wheelers, and one of the largest EV fleets of four-wheelers in Africa, is at the forefront of this revolution. The investments and collaborations in the sector are expected to drive further growth and adoption of electric vehicles in the region.
