Bangladesh-based clean energy startup Tiger New Energy announced on Wednesday that it has raised $1 million in new funding from ADB Ventures.
The latest capital injection follows a $2.5 million seed round led by Wavemaker Partners last year. Other investors in the previous round included 500 TukTuks, Orvel Ventures, Humble, Penataran Management and Brett Barna, the founder of the Barna Family Office.
Founded by Harvard Business School alumni Nicole Mao and Yiwei Zhu, Tiger New Energy is building a battery-swapping network across Bangladesh. In its statement on Wednesday, the company said about four 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 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,” it added.
Tiger claims rickshaw drivers can swap their depleted batteries for fully charged ones at its stations in less than one minute compared to four hours previously.
“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.
With this investment, the company plans to expand its network beyond 100 battery-swapping stations. It will also use the capital to hire talent, spur research and development, and explore new regional markets.
Asia has recently witnessed several deals in the battery-swapping technology space.
Most recently, Battery Smart, an Indian battery-swapping network for electric vehicles, raised $65 million in a Series B funding round led by LeapFrog Investments to expand its footprint in its home market.
In January, Indonesia-based Swap Energy, which provides battery-swapping solutions for two-wheelers, raised $22 million in a Series A funding round led by Qiming Venture Partners.
