Bangladeshi clean energy firm Tiger New Energy raised US$3.5 million, including US$1 million from ADB Ventures.
After completing a USD 2.5 million seed round funded by Wavemaker Partners last year, Tiger New Energy, a Bangladeshi firm founded in 2021, has now received an additional USD 1 million in funding from ADB Ventures, accelerating the rollout of their battery swapping technology throughout Bangladesh.
Ismail Hossain, Manager, Brand & Marketing of Tiger New Energy, on the funding. Tiger, a company founded by Yiwei Zhu and Nicole Mao, grads of Harvard Business School, is addressing urban transportation problems in Bangladesh by providing environmentally friendly energy solutions to more than 4 million rickshaws.
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As Decentralized Energy Storage Systems, Tiger New Energy’s Offline Swapping and Reverse Charging capabilities guarantee uninterrupted operation during blackouts and enhance system stability.
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Wavemaker Partners led the investment round, with ADB Ventures joining in. Other investors in the round include an unidentified Singaporean family office, Brett Barna, 500 TukTuks, Orvel Ventures, Humble, Penataran Management, and an undisclosed angel investor.
With this money, Tiger intends to improve research and development, investigate new regional markets, and broaden its network of battery swapping services to over 10,000 rickshaw drivers in Bangladesh. By the end of 2024, Tiger New Energy will be ready for its Series A investment round.
About Tiger New Energy
Tiger is a trailblazer in battery switching solutions, offering end-to-end production to recycling capabilities, enabling accessible, clean mobility in Bangladesh. Our goals are to lead the industry, support local drivers, and promote sustainable mobility.
