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.
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