Revolutionizing Urban Mobility: Tiger New Energy's Battery Swapping Technology
June 27, 2024, 9:34 pm
Location: Bangladesh, Dhaka Division, Dhaka
Employees: 51-200
Founded date: 2021
Total raised: $6M
Location: United States, California, Santa Monica
Employees: 11-50
Founded date: 2003
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. A recent injection of US$3.5 million in funding has propelled Tiger to empower more drivers through an expanded network of battery swapping stations. Founded by Harvard Business School alumni Nicole Mao and Yiwei Zhu, Tiger is on a mission to drive change for green mobility and empower local communities in Bangladesh.
The pressing issues of carbon emissions and energy inefficiency that plague Bangladesh's urban transportation sector have long been a concern. With approximately 4 million electric three-wheelers and vehicles transporting over 112 million people daily across the country, the use of low-quality lead-acid batteries has hindered the efficiency of these vital modes of transportation. The absence of adequate charging infrastructure has only compounded the problem, posing imminent safety threats, including the risk of fire accidents.
In response to these challenges, Tiger has introduced a network of battery swapping stations where rickshaw drivers can swap their depleted batteries for fully charged ones in less than one minute, a significant improvement from the previous four-hour charging time. This innovation has not only reduced downtime but has also amplified the earnings of rickshaw drivers by an impressive 60%, reinforcing the backbone of urban transport in Bangladesh.
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 optimization algorithms further enhance 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. The recent funding validates Tiger's technology and business model, strengthening their commitment to reducing carbon footprints, fostering sustainable development, and enhancing the livelihoods of local communities.
Investors, including Wavemaker Partners and ADB Ventures, recognize the potential of Tiger's solution, particularly in an underserved, fast-growing market like Bangladesh. The investment from ADB Ventures aligns with their focus on sustainable and inclusive growth, supporting Tiger's mission to alleviate range anxiety for electric vehicle drivers and pave the way for cleaner energy access and economic empowerment.
With plans to expand its network beyond 100 battery swapping stations and empower over 10,000 rickshaw drivers, Tiger is actively forming strategic partnerships with leading EV manufacturers and energy providers to further its mission. The company's commitment to societal impact is evident through initiatives like HerDrive, which aims to boost the number of female rickshaw drivers and empower women in the workforce.
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. The company's vision for sustainable transportation solutions and environmental sustainability is driving a positive change in urban mobility in South Asia.
To learn more about Tiger New Energy and the HerDrive initiative, visit their website at https://tigernewenergy.com/.
The pressing issues of carbon emissions and energy inefficiency that plague Bangladesh's urban transportation sector have long been a concern. With approximately 4 million electric three-wheelers and vehicles transporting over 112 million people daily across the country, the use of low-quality lead-acid batteries has hindered the efficiency of these vital modes of transportation. The absence of adequate charging infrastructure has only compounded the problem, posing imminent safety threats, including the risk of fire accidents.
In response to these challenges, Tiger has introduced a network of battery swapping stations where rickshaw drivers can swap their depleted batteries for fully charged ones in less than one minute, a significant improvement from the previous four-hour charging time. This innovation has not only reduced downtime but has also amplified the earnings of rickshaw drivers by an impressive 60%, reinforcing the backbone of urban transport in Bangladesh.
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 optimization algorithms further enhance 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. The recent funding validates Tiger's technology and business model, strengthening their commitment to reducing carbon footprints, fostering sustainable development, and enhancing the livelihoods of local communities.
Investors, including Wavemaker Partners and ADB Ventures, recognize the potential of Tiger's solution, particularly in an underserved, fast-growing market like Bangladesh. The investment from ADB Ventures aligns with their focus on sustainable and inclusive growth, supporting Tiger's mission to alleviate range anxiety for electric vehicle drivers and pave the way for cleaner energy access and economic empowerment.
With plans to expand its network beyond 100 battery swapping stations and empower over 10,000 rickshaw drivers, Tiger is actively forming strategic partnerships with leading EV manufacturers and energy providers to further its mission. The company's commitment to societal impact is evident through initiatives like HerDrive, which aims to boost the number of female rickshaw drivers and empower women in the workforce.
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. The company's vision for sustainable transportation solutions and environmental sustainability is driving a positive change in urban mobility in South Asia.
To learn more about Tiger New Energy and the HerDrive initiative, visit their website at https://tigernewenergy.com/.