Tiger New Energy builds a Battery‑as‑a‑Service network of fast battery‑swapping stations for electric three‑wheelers, enabling drivers to exchange depleted batteries for fully charged ones in under a minute. Its proprietary features—Offline Swapping, Reverse Charging, advanced thermal management, and data‑driven optimization—extend lithium‑ion battery life and keep service running during power outages while doubling as decentralised energy storage. The company reports that swapping drastically reduces downtime and has been shown to increase rickshaw drivers’ earnings by about 60%. Tiger operates a daily subscription model and is forming partnerships with EV manufacturers and energy providers to scale deployments. With plans to expand beyond 100 stations and empower over 10,000 drivers, Tiger is also recruiting talent, investing in R&D, and exploring new regional markets. The startup runs the HerDrive initiative to train and support female rickshaw drivers, targeting 1,000 women by 2025, and is preparing for a Series A round at the end of 2024. Tiger New Energy builds battery-swapping stations and related infrastructure to let drivers quickly exchange depleted batteries for fully charged units, targeting Bangladesh’s large three-wheeled EV market. The company emphasizes renewable energy for its swaps and aligns its mission with the UN Sustainable Development Goal 7. Its solution is designed to reduce range anxiety and accelerate the transition to more efficient lithium batteries. The founders, Harvard alumni Nicole Mao and Yiwei Zhu, lead the company with Nicole Mao serving as CEO. Tiger New Energy plans to expand its battery-swapping station network across Bangladesh using the newly raised capital. The articles note that about 2.5 million electric vehicles traverse Bangladesh’s streets daily, underscoring the addressable market for the company’s service.

Total raised

$4M

Funding rounds

2

Latest round

Equity

Latest activity

Jun 2024