Tiger New Energy, a Bangladesh-based cleantech startup founded by Harvard Business School alumni Nicole Mao and Yiwei Zhu, has successfully secured $2.5 million in seed funding. Leading this investment round is Wavemaker Partners, a leading Singaporean venture capital firm that's previously invested in Shikho and Go Zayaan. The startup aims to tackle the electric vehicle sector in Bangladesh, leveraging their cutting-edge battery-swapping technology to address the challenges posed by the current market, which boasts over 2.5 million electric three-wheelers.

Tiger New Energy addresses issues such as limited travel range and the inefficiencies associated with lithium batteries. By facilitating rapid exchanges of depleted batteries with fully charged alternatives, the company not only optimizes time and cost for drivers but also aligns with the United Nations Sustainable Development Goal 7, emphasizing the utilization of renewable energy sources.

CEO Nicole Mao articulates the company's vision, stating, "Our vision is to create a world where EV users can travel without range anxiety, and cities are free from the environmental hassles, starting from Bangladesh and going beyond."

The recent infusion of funding will catalyze Tiger New Energy's expansion throughout Bangladesh. This strategic initiative involves bolstering the battery-swapping station network and advancing sustainable transportation practices in the region. Nicole underscores the company's unwavering dedication to shaping a sustainable future for Bangladesh, emphasizing the pivotal role Tiger New Energy aims to play in transforming the landscape of environmentally conscious mobility solutions.