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Tiger New Energy concludes $2.5m seed round for green mobility in Bangladesh

Published : Thursday, 9 November, 2023 at 12:00 AM  Count : 207

Battery Swapping Network Tiger New Energy,  has closed a groundbreaking USD 2.5 million seed funding round, a notable achievement for green mobility in Bangladesh.

Wavemaker Partners, a Southeast Asian venture capital firm with a strong track record of backing sustainable and innovative startups, led the round, and is followed by international and local investors, according to a press release.

"At a time when luxury brands worldwide are just starting to embrace the electric vehicle revolution, Bangladesh has been leading with an innovative approach. Every day, 2.5 million electric vehicles traverse the nation's streets.

But these are not typical sedans. They are three-wheeled electric vehicles, becoming a symbol of urban transportation in Bangladesh.

This remarkable transformation has taken place without extensive government subsidies, demonstrating the power of innovation and commitment," it said.

The release addressed challenges like range anxiety and the transition to more efficient lithium batteries.
"Recognising this, two Harvard alumni, Nicole Mao and Yiwei Zhu, set forth a vision with Tiger New Energy. Their battery-swapping technology is not just a solution to these challenges but a revolution for Bangladesh's mobility landscape, it said.

"By enabling drivers to quickly swap out depleted batteries for fully charged ones, they eliminate the prevalent range anxiety, allowing drivers to save both time and money. Moreover, with a commitment to sustainability, Tiger New Energy uses renewable energy sources for its battery swaps, aligning with United Nations Sustainable Development Goal 7," it added.

"Our dedication goes beyond technology. It's about shaping a sustainable future for Bangladesh and showcasing the potential of emerging markets," said Nicole Mao, CEO of Tiger New Energy.

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