A battery swapping station by Tiger New Energy
Bangladeshi clean energy startup Tiger New Energy announced that it has raised a total of US$3.5 million in funding following an additional US$1 million funding from ADB Ventures.
This new funding from ADB Ventures joins a US$2.5 million seed funding round led by Wavemaker Partners in 2023, which included 500 TukTuks, Orvel Ventures, Humble, Penataran Management, Brett Barna (the founder of the Barna Family Office), an undisclosed Singaporean Family Office, and an undisclosed angel investor.
According to a press statement, the investment aims to accelerate the deployment of Tiger New Energy’s battery-swapping network across Bangladesh, advancing its mission to promote eco-friendly mobility and deliver substantial socio-economic benefits.
Tiger New Energy plans to expand its network beyond 100 battery-swapping stations to empower over 10,000 rickshaw drivers. The funds will also enhance talent acquisition, spur research and development, and facilitate the exploration of new regional markets.
The company also said it is actively forming strategic partnerships with leading EV manufacturers and energy providers to further its mission.
“This funding validates our technology and business model and strengthens our commitment to reducing carbon footprints, fostering sustainable development, and enhancing the livelihoods of local communities,” said Nicole Mao, co-founder and CEO of Tiger New Energy.
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Founded by Harvard Business School alumni Nicole Mao and Yiwei Zhu, Tiger New Energy aims to solve the problem of carbon emissions and energy inefficiency that plague Bangladesh’s urban transportation sector.
According to the company, approximately four million electric three-wheelers and vehicles transport over 112 million people daily nationwide. However, using low-quality lead-acid batteries, which only last six to eight months, hinders these vital modes of transportation from being as efficient as necessary.
The absence of adequate charging infrastructure compounds the problem, posing imminent safety threats, including the risk of fire accidents.
Tiger New Energy has introduced a network of stations where rickshaw drivers can swap their depleted batteries for fully charged ones in less than one minute, compared to four hours previously.
The company said this dramatically reduces downtime and has been shown to amplify the earnings of rickshaw drivers by an impressive 60 per cent.
Its proprietary Offline Swapping and Reverse Charging features aim to ensure service continuity during power outages, while its infrastructure doubles as Decentralised Energy Storage Systems (DESS), contributing to grid stability. Advanced thermal management and data-driven optimisation algorithms further elevate the performance and lifespan of Tiger’s lithium-ion batteries over traditional alternatives.
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Image Credit: Tiger New Energy
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