Bangladesh resident three electric vehicle pioneers — Gopal Kumar Mohoto, Ahmad Ad, and Tauseef Anwar —are driven by the goal of reducing emissions in the transport sector from a startup named Cassetex, a renewable energy company focused on making transportation greener.
The founders’ journey started when they dealt with a disappointing experience. This experience led them to find a significant gap in the market.
With a ground-breaking idea, the founders set out to address this gap. The best part of their story is that instead of overlooking the problem, they saw it as a world full of opportunities, and with a clear goal of reducing emissions in the transport sector, they built a business called Cassetex. The company is focused not only on electric vehicles but also cares about protecting the environment for the future generations.
The Backstory
Ahmad Ad, the CEO of Cassetex, says that “batteries are essential for energy independence and reducing carbon emissions. But if they are not managed properly, they can cause harm.”
Bangladesh has 4.2 million electric vehicles on the road, most of them being electric three-wheelers. These vehicles are growing in number by 7% every year. However, they mostly use harmful lead-acid batteries. The lead-acid batteries cause a lot of pollution—around 45,900 metric tons of lead pollution each year. This leads to serious environmental and health problems.
This disappointing experience sparked a business idea in the founders’ minds. To turn their idea into reality, they worked hard around the clock. However, their efforts paid off, filling the gap with an innovative solution. Gopal, Ahmad, and Tauseef embarked on their entrepreneurial journey in 2020, launching their solution, Cassetex.
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Concept To Creation
Bangladeshi electric vehicle pioneers — Gopal Kumar Mohoto, Ahmad Ad, and Tauseef Anwar — founded Cassetex in 2020 to reduce pollution from transportation.
Cassetex is the first company in Bangladesh offering a service to swap batteries for electric three-wheelers (E3Ws). The company manages and supplies batteries for vehicles, ensuring they are well-maintained and perform optimally.
The company provides customers with real-time information on energy usage and battery performance through mobile apps. Customers are charged only for the consumed energy, making it more flexible and affordable. The business also guarantees a quick 1-minute battery swap, enabling vehicle owners and drivers to make more trips and earn more.
Cassetex: Empowering Bangladesh
At Cassetex, all three Bangladeshi founders are working towards making Bangladesh a global leader in clean and sustainable transportation using modern, high-quality electric vehicle batteries.
With the commitment to empowering Bangladesh, the founders are fully dedicated to making transportation greener. It has created a system that is better for the environment, makes energy more affordable, and uses energy in a smart way. Additionally, the company is working with experts to make their batteries last longer by using the best and latest battery technology available. The chargers that Cassetex uses are 25% more efficient than other chargers.
These chargers are controlled by a system called GenSwap, managing the charging process. GenSwap helps track how much energy is needed, keeps an eye on the chargers, and checks the health of the batteries to ensure they work well. It’s machines can send electricity back to the national power grid.
All of Cassetex’s charging stations use renewable energy sources like solar power. They have partnered with local companies that provide affordable and reliable solar energy. The company is committed to being eco-friendly. When their batteries are no longer usable, they take them to a safe storage place where they can be recycled properly, ensuring no harmful waste is released into nature.
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How is Cassetex leading its way forward?
Cassetex is leading its way forward by launching the Cassetex mEE initiative. The Cassetex mEE initiative helps small business owners like shopkeepers, mobile money agents, and tailors to run battery-swapping stations. These owners can make more money by selling energy through these stations.
This initiative is especially helpful for women because they can manage the battery-swapping stations without much physical work. They can easily add this service to their current business.
The initiative also helps provide clean energy to more people in different areas and improves the financial situation of the communities by creating new business opportunities.
Growth Story
Cassetex has raised $1.6 million from investors worldwide, including two leading investment firms, Infusion Partners Ltd. and Waverider International Consulting Co Ltd.
With the funding, Cassetex plans to expand its operations to create jobs by helping small business owners, especially women, set up battery-swapping stations. These stations allow electric vehicles to exchange old batteries for new, fully charged ones. This provides an opportunity for people to run their own businesses in the clean energy sector.
They aimed to make electric vehicles (EVs) and other green energy solutions more affordable in countries like Bangladesh, Nepal, and East Africa, particularly in transport, farming, and light industries.
Reaching New Heights
With their collective efforts, the founders are touching the new heights of success. Since 2020, Cassetex’s positive contributions have been acknowledged by experts worldwide. In 2022, Cassetex won second place at a competition called Youth4South Entrepreneurship, which took place at the GSSD Expo in Bangkok. In 2022, Cassetex was chosen as one of the top competitors in the “CleanTech Startup” category at the World Cleantech Awards organized by the Cleantech Business Club.
In 2023, Cassetex was chosen as one of the top ten companies in the “Innovation for our Climate and Environment” category by the UN SDG Digital program in New York. In 2024, Cassetex partner solutionswere recognized as final winners of the SolarX Startup Challenge APAC, a competition focused on solar energy solutions. Cassetex is also involved in global programs that support clean technology startups, organized by the Westerwelle Foundation and Solar Impulse Foundation.
Bangladeshi entrepreneurs’s journey with Cassetex serves as an inspiring example of how vision, resilience, and strategic thinking can lead to remarkable success.
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FAQs
What does Cassetex do?
Cassetex is the first company in Bangladesh offering a service to swap batteries for electric three-wheelers (E3Ws). The company manages and supplies batteries for vehicles, ensuring they are well-maintained and perform optimally.
Who are the founders of Cassetex?
Gopal Kumar Mohoto, Ahmad Ad, and Tauseef Anwar are the founders of Cassetex.
Where is the Headquarter of Cassetex?
Bangladesh is the Headquarter of Cassetex.
When Cassetex was founded?
Cassetex was founded in 2020.
