Tiger New Energy ("Tiger"), a Bangladesh based startup pioneering clean energy solutions for urban mobility, has secured an additional US$1Mn in funding from ADB Ventures. This investment builds upon Tiger's US$2.5Mn Seed round led by Wavemaker Partners last year, accelerating the deployment of its innovative battery swapping technology across Bangladesh.

Founded by Harvard Business School alumni Nicole Mao and Yiwei Zhu, Tiger addresses Bangladesh's urban transportation challenges by providing efficient and eco-friendly energy solutions to over 4 million electric three-wheelers, transporting millions daily. The company's battery swapping stations allow three-wheeler (locally known as “rickshaw”) drivers to exchange depleted batteries for fully charged ones in less than one minute, significantly reducing downtime and increasing earnings by up to 60%.

Tiger's technology incorporates Offline Swapping and Reverse Charging features, ensuring service continuity during power outages and contributing to grid stability as Decentralised Energy Storage Systems (DESS). This approach not only enhances battery lifespan but also promotes sustainable development and economic empowerment across local communities.

"Our mission is 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, reinforcing our commitment to reducing carbon footprints and fostering sustainable development."

Wavemaker Partners led the funding round with participation from ADB Ventures, 500 TukTuks, Orvel Ventures, Humble, Penataran Management, Brett Barna, an undisclosed Singaporean Family Office, and an undisclosed angel investor. The investment from ADB Ventures underscores Tiger's impact on Bangladesh's transportation sector and its commitment to climate action and gender equality.

"Tiger New Energy's swift battery swapping solutions alleviate range anxiety for electric vehicle drivers in Bangladesh," said Yichu Zhang of ADB Ventures. "Their inclusive business approach and dedication to climate impact closely align with our mission of catalyzing climate action and advancing gender equality in emerging Asia."

With this funding, Tiger plans to expand its battery swapping network to more than 10,000 rickshaw drivers across Bangladesh, improve research and development efforts, and explore new regional markets. The company's HerDrive initiative aims to empower 1,000 women rickshaw drivers by 2025, promoting gender equality and enhancing safety in urban transportation.

As Tiger New Energy prepares for its Series A funding round at the end of 2024, the company remains committed to advancing sustainable transportation solutions and creating lasting social impact in Bangladesh and beyond.