Tiger New Energy's Battery Swapping Technology Receives US$3.5M Push
The injection of funds will enable the Bangladeshi startup to empower more drivers through an expanded network of battery swapping stations.
DHAKA, Bangladesh, June 25, 2024 /PRNewswire/ -- In the bustling streets of Bangladesh, where millions rely on three-wheelers daily, Tiger New Energy ("Tiger"), a Bangladeshi clean energy startup, is setting a new standard in urban mobility with its innovative battery swapping technology. ADB Ventures has provided the company with an additional US$1 million in funding, augmenting the US$2.5 million seed round led by Wavemaker Partners last year. The investment accelerates the deployment of Tiger's battery swapping network across Bangladesh, advancing its mission to promote eco-friendly mobility and deliver substantial socio-economic benefits.
Driving Change for Green Mobility and Empowering Local Communities
Harvard Business School alumni Nicole Mao and Yiwei Zhu founded Tiger New Energy to address the pressing issues of carbon emissions and energy inefficiency that plague Bangladesh's urban transportation sector. Approximately 4 million electric three-wheelers and vehicles transport over 112 million people daily across the country. However, the use of low-quality lead-acid batteries, which only last 6 to 8 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.
In a transformative move, Tiger 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. This dramatically reduces downtime and has been shown to amplify the earnings of rickshaw drivers by an impressive 60%, reinforcing the backbone of urban transport in Bangladesh.
Innovative Technology Drives Economic Growth
Tiger's proprietary Offline Swapping and Reverse Charging features 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.
"Our mission is clear: to make clean mobility accessible to all in emerging markets," said Nicole Mao, co-founder and CEO of Tiger New Energy. "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."
Investment and Growth
Wavemaker Partners, Southeast Asia's leading VC firm investing in early-stage enterprise, deep tech, and sustainability startups, led the funding round with notable participation from ADB Ventures. The round's other investors include 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.
Investors recognise the potential of Tiger's solution, particularly female entrepreneurs like Nicole Mao and Yiwei Zhu, who are making a significant impact. "We invested in Tiger New Energy because Nicole and Yiwei are incredible founders, and Bangladesh is an underserved, fast-growing market," said Doug Parker of Wavemaker Partners. "The investment from ADB Ventures is a sign of the quality of the team and the impact of their work on hard-working citizens."
ADB Ventures, with a strategic focus on sustainable and inclusive growth, supported Tiger's mission. "Tiger New Energy's swift battery swapping solutions alleviate range anxiety for electric vehicle drivers in Bangladesh and pave the way for cleaner energy access and economic empowerment. Their inclusive business approach, dedicated women empowerment initiatives, and commitment to climate impact closely align with our core mission of catalysing climate action and advancing gender equality through transformative solutions in emerging Asia," said Yichu Zhang of ADB Ventures.
Expanding Networks and Empowering Women
With this investment, Tiger 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. Tiger is actively forming strategic partnerships with leading EV manufacturers and energy providers to further its mission.
Social Impact Through the HerDrive Initiative
Tiger's commitment to societal impact is demonstrated through the HerDrive initiative, which aims to boost the number of female rickshaw drivers, currently under 1% of the workforce. The initiative provides training, mentorship, and financial assistance for female drivers in EV ownership, opening a new and stable income source and enhancing the safety and comfort of female passengers. The HerDrive initiative aims to empower 1,000 women by 2025.
Moving Forward: Sustainable Transportation Solutions
As Tiger New Energy forges ahead, it remains dedicated to creating continuous social impact through transformative initiatives. Backed by a robust foundation and the unwavering support of its investors and community, Tiger is poised for rapid growth and is actively preparing for its Series A funding round at the end of 2024.
To learn more about Tiger New Energy and the HerDrive initiative, please visit https://tigernewenergy.com/.
About Tiger New Energy
Based in Dhaka, Tiger New Energy, founded by two Harvard MBA alumni, is transforming clean mobility in South Asia with its 'Battery as a Service' model. The company is setting up a battery swapping station network that utilises lithium batteries to offer sustainable transportation solutions. By introducing a daily subscription model and collaborating with local government and communities, Tiger New Energy aims to make electric vehicles more affordable and accessible, significantly reducing carbon emissions and enhancing environmental sustainability. The service allows users to embrace green mobility without the high upfront cost, promoting the spread of eco-friendly transportation solutions across various regions.
SOURCE Tiger New Energy
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