Kofa begins expansion outside home region

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Ghanaian EV startup Kofa has embarked on a major expansion strategy, starting with a move into Kenya, its first beyond its home region. The company offers battery swap stations for electric motorcycles, as well as batteries for home and business use. In Kenya, it partners with Autopax for electric bikes and Platcorp for financing. Kofa raised $8.2 million in April. 

• Like most African countries, Ghana is still a small, early-stage EV market. Expanding regionally will allow Kofa to reach the scale needed to make its battery-swapping network more financially viable. 

• Battery-as-a-service (BaaS) is emerging as a big business in the Africa EV sector, with investors attracted by good margins. In Kenya, Kofa will face stiff competition from BaaS companies like Spiro, Ampersand and ARC Ride. 

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