Tiger New Energy
Overview
Tiger New Energy is a Bangladesh-based clean energy startup, founded in 2021 by Harvard Business School alumni Nicole Mao and Yiwei Zhu. The company specializes in battery-swapping technology for urban transport, with a focus on electric three-wheelers in Bangladesh. With its innovative approach to enhancing urban mobility and addressing carbon emission challenges, Tiger New Energy is reshaping the landscape of sustainable transportation. The startup has raised a total of $3.5 million in funding, with significant contributions from ADB Ventures and Wavemaker Partners. Headquartered in Dhaka, Bangladesh, Tiger New Energy aims to empower local communities by providing accessible clean energy solutions.
Recent Developments
- October 2024: Tiger New Energy secured an additional $1 million in funding from ADB Ventures, augmenting a previously raised $2.5 million seed round. This funding is directed towards expanding their battery-swapping station network beyond 100 sites, empowering over 10,000 rickshaw drivers in Bangladesh.
- July 2024: The company launched an innovative battery-swapping technology specifically designed for rickshaw drivers. This technology ensures quick and efficient energy access, effectively reducing downtime and increasing the earnings of drivers by about 60%.
- June 2024: The startup raised $3.5 million in funding through a round led by Wavemaker Partners, with contributions from various investors, including 500 TukTuks and Orvel Ventures. The investment aims to enhance research, development, and regional expansion.
- January 2024: Tiger New Energy entered a significant partnership agreement to enhance battery-swapping technology deployment in Dhaka, marking progress in their mission to drive sustainable urban mobility solutions.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2021 |
| Headquarters | Dhaka, Bangladesh |
| Founders | Nicole Mao, Yiwei Zhu |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | ADB Ventures, Wavemaker Partners |
| Industry | Clean Energy |
| Number of Employees | Approximately 50 (estimation) |
Early History
Tiger New Energy was established in response to the growing need for sustainable energy solutions in Bangladesh, particularly in the urban transport sector. Founded by recent graduates from Harvard Business School, the company aimed to combat the inefficiencies of lead-acid batteries commonly used in electric rickshaws. Recognizing the environmental and economic benefits of lithium-ion batteries and battery-swapping technology, Tiger New Energy rolled out its first pilot projects in Dhaka in 2021. Their initial achievements set a precedent for scalable green initiatives, drawing significant attention from venture capitalists focused on sustainable technologies.
Company Profile and Achievements
Tiger New Energy has rapidly emerged as a key player in the clean energy sector, leveraging cutting-edge technology to address urban transport challenges in Bangladesh. Their battery-swapping model and innovative "Battery as a Service" subscription approach eliminate the need for expensive charging infrastructure, promoting widespread adoption of electric vehicles. Significant milestones include:
- Launch of Battery Swapping Network: Over 100 stations being developed to cater to millions of electric three-wheelers.
- Achievements in Socio-Economic Impact: Enhanced driver income by 60% and reduced carbon emissions significantly, aligning with UN Sustainable Development Goals.
- Technological Innovations: Their proprietary Offline Swapping and Reverse Charging features ensure continuous service during power outages, while systems serve as decentralized energy storage, contributing to grid stability.
- Strategic Partnerships: Collaborations with industry leaders to further EV technology and expand infrastructure.
Current Operations and Market Position
Currently, Tiger New Energy operates primarily in Bangladesh, focusing on enhancing urban transport systems through state-of-the-art battery solutions. With a mission to make clean mobility accessible, the company holds a competitive edge through its unique battery-swapping technology, which offers a rapid energy solution and contributes to grid stability. Their ongoing expansion, supported by recent funding, positions Tiger as a transformative force in sustainable mobility in South Asia, potentially capturing a significant market share in the region.
Conclusion
Tiger New Energy exemplifies innovation and impact within the sustainable energy sector, tackling both environmental and socio-economic challenges through cutting-edge battery technology and strategic collaborations. As it prepares for its Series A funding round in late 2024, Tiger is set to strengthen its market presence further, expanding its reach and enhancing urban transport efficiency in Bangladesh. The company's trajectory suggests a promising future, with potential expansion into new markets and further technological advancements, positioning it as a leader in clean energy solutions for emerging economies.