Tiger New Energy

What Tiger New Energy does

Tiger New Energy Co. Ltd. is a Bangladesh-based clean energy company founded in 2021 by Harvard alumni Nicole Mao (CEO) and Yiwei Zhu (COO), headquartered in Dhaka with a regional office in Singapore. It operates a battery swapping network for electric three-wheelers (e-rickshaws) and motorcycles, anchored by proprietary Swap Station hardware that allows drivers to exchange depleted batteries for fully charged ones in under one minute. Stations are engineered for emerging-market conditions, featuring offline operation during load shedding, fire protection, IP64 waterproofing, GPS-embedded anti-theft, and algorithm-controlled adaptive charging.

The company monetizes through two primary streams. First, a Battery-as-a-Service (BaaS) daily subscription model for swap transactions at partner-operated stations, complemented by Driver and Partner iOS/Android applications for station location, account management, and remote monitoring. Second, direct sales of branded lead-acid motorcycle batteries (Mighty Max, Moto Max, Power Max, manufactured with German technology and 99.99% virgin lead) through a nationwide dealer network at unit prices between 1,060 and 2,220 BDT. Adjacent revenue includes advisory partnerships with Community Bank Bangladesh for SME/green finance products and a Battery-as-a-Service contract with EDOTCO Bangladesh for telecom tower backup power.

The company has raised US$3.5 million in total funding (US$2.5M seed led by Wavemaker Partners plus US$1M from ADB Ventures, both in mid-2024) and reports a workforce of 51–100 employees, with explicit targets to deploy 100+ stations, serve 10,000+ drivers, and reduce 3,000 tCO2e by 2025. Primary customer segments are individual e-rickshaw drivers, motorcycle riders, swap station partner-entrepreneurs, and emerging enterprise segments (telecom operators via EDOTCO); the company also runs a HerDrive initiative to increase female driver participation in the network.

Name

Tiger New Energy

Legal name

Tiger New Energy Co. Ltd.

Website

https://tigernewenergy.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

Tiger New Energy operates a Battery-as-a-Service battery swapping network for electric three-wheelers and motorcycles in Bangladesh, serving e-rickshaw drivers, motorcycle riders, and swap station partners through proprietary swap stations and branded motorcycle batteries.

Ownership category

akta.pro rank

Product category

Battery Swapping Services

NAICS

Battery Manufacturing (33591)

SIC

Motorcycles, Bicycles & Parts (3751)

akta.pro primary industry

E-Mobility Batteries & Swappable Packs (Consumer) (CRACASAI)

akta.pro secondary industries

Automotive Batteries & 12V/Low-Voltage Energy Storage Manufacturing (IMACAJAJ), EV & Fleet Charging Equipment (AC/DC chargers, depot charging systems) (IMAGAHAF), EV & Hybrid Battery Service, Diagnostics & Reconditioning (TLAKAMAA)

Keywords

• Battery swapping stations
• Battery as a service
• Electric rickshaw batteries
• Motorcycle battery sales
• Clean mobility solutions

Headquarters

HQ city

Dhaka

HQ country

Bangladesh

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Battery Swapping Service: Drivers pay per battery swap at stations. Revenue generated from swap transaction fees through the BaaS subscription model. Drivers earn 60% more income due to reduced downtime and eliminated charging wait times.
2. Motorcycle Battery Sales: Direct sales of branded batteries (Mighty Max, Moto Max, Power Max) through nationwide dealer network. Products priced from 1,060 BDT to 2,220 BDT. 8-month warranty on Mighty Max products, 6-month warranty on Moto Max products.
3. SME and Green Finance Services: Partnership with Community Bank Bangladesh for SME loans and green finance products for battery swapping station partners. Tiger New Energy acts as strategic advisory business partner.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Tiger New Energy operates a Battery-as-a-Service (BaaS) platform for electric vehicles in Bangladesh, providing battery swapping stations that allow e-rickshaw and motorcycle drivers to exchange depleted batteries for fully charged ones in under a minute. The company also manufactures and sells branded lead-acid motorcycle batteries (Mighty Max, Moto Max, Power Max) through a nationwide dealer network. Mobile apps for drivers and swap station partners enable station location, payment processing, and operational monitoring.

Product overview

Tiger New Energy operates a Battery-as-a-Service (BaaS) platform centered on battery swapping stations and proprietary motorcycle battery brands. The core offering consists of Swap Station infrastructure enabling rapid battery exchanges for electric three-wheelers, complemented by the Mighty Max, Moto Max, and Power Max battery sub-brands sold through a nationwide dealer network. The company also provides mobile applications for drivers and station partners to manage swapping transactions, locate stations, and track income. The product portfolio is unified by lithium battery technology delivered through a Daily Subscription model for affordable clean mobility in Bangladesh.

Differentiator

Problem solved

Functional benefit

Brands

• Mighty Max: Premium lead-acid motorcycle battery brand with German technology, featuring 99.99% virgin lead construction and 8-month warranty.
• Moto Max
• Power Max

Products and services

• Swap Station Battery swapping station that enables electric vehicle drivers to exchange depleted batteries for fully charged ones in under a minute. Features offline swapping capability during load shedding, fire protection, IP64 waterproof rating, GPS-embedded anti-theft tracking, and algorithm-controlled adaptive charging. Designed for electric three-wheelers and motorcycles.
• Mighty Max Motorcycle Battery Premium lead-acid motorcycle battery brand built with 99.99% virgin lead and German technology, offering 8-month warranty, maintenance-free design, and resistance to temperature fluctuations and leaks. Available in models ranging from 4Ah to 9Ah priced 1,450 BDT to 2,220 BDT.
• Moto Max Motorcycle Battery Value-oriented lead-acid motorcycle battery brand featuring 99.99% virgin lead construction and German technology, with 6-month warranty and maintenance-free design. Available in models ranging from 2.5Ah to 9Ah priced 1,060 BDT to 2,150 BDT.
• Power Max Motorcycle Battery Next-generation motorcycle battery designed for longer lifespan and enhanced durability compared to conventional bike batteries, engineered specifically for Bangladeshi road and weather conditions.
• Tiger Driver App Mobile application for electric vehicle drivers to locate nearby battery swapping stations, manage accounts with seamless payment top-up options, and participate in referral programs to earn rewards. Available on iOS and Android.
• Tiger Partner App Mobile application for swap station partners to track income and transactions, monitor battery and station statuses, access training videos, and participate in referral programs. Available on iOS and Android.
• Battery Passport Digital warranty management system allowing customers to activate and check battery warranty status by entering battery serial number and personal details for their purchased motorcycle batteries.

Quantifiable outcome

• Drivers boost earnings by 60% through reduced downtime
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• Community Bank Bangladesh PLCcoreStrategic or Co-development Partner · 16 February 2026MoU signed for SME loans and green finance program framework for battery swapping stations. Community Bank will provide financial inclusion, advisory services, and cooperative solutions for Tiger New Energy's SME customers. Tiger New Energy and Xpert Solutions Limited act as strategic advisory business partners.
• Xpert Solutions LimitedsupportingImplementation/ SI/ Consulting Partner · 16 February 2026Strategic advisory business partner alongside Tiger New Energy for the Community Bank SME loan and green finance program. Provides technical and business advisory services.
• Green Engine Bangladesh Pvt LtdsupportingOthers · 16 February 2026Represented by Managing Director Chowdhury Manarat Mahfuza at the MoU signing ceremony with Community Bank Bangladesh. Associated with green energy advisory in the partnership ecosystem.
• EDOTCO BangladeshcoreStrategic or Co-development Partner · 8 July 2025Strategic partnership for green connectivity in telecom infrastructure. Includes Battery-as-a-Service subscription model for telecom towers, swapping stations at EDOTCO sites, and charging solutions for two and three-wheelers. Represents shift from conventional energy to integrated renewable energy solutions.
• TVS Auto Bangladesh LimitedsupportingStrategic or Co-development PartnerPartnership between Tiger New Energy (motorcycle battery manufacturer) and TVS Auto Bangladesh Limited (motorcycle company) for collaborative initiatives in the Bangladesh market. Announcement from June 2024.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Sun Mobility: India's largest battery-swapping network for electric two- and three-wheelers under a Battery-as-a-Service subscription model. Operates an interoperable swap-station architecture and partner-driven rollout that mirrors Tiger's core model in Bangladesh.
• RACEnergy: Hyderabad-based battery-swapping startup focused on electric rickshaws and last-mile commercial fleets in India. Closest analog to Tiger on vehicle segment, geography, and swap-for-3W use case.
• VoltUp: India-based battery-swapping operator for electric two-wheelers and last-mile delivery fleets using an interoperable, subscription-based network. Directly comparable on swap-station architecture and emerging-market BaaS model.
• Bounce Infinity: Indian e-scooter OEM and battery-swapping operator offering scooter-as-a-service with a swap-station network and consumer-facing mobile app. Comparable to Tiger on consumer swap-station product, mobile-led GTM, and partnership-driven expansion.
• Yulu: Bengaluru-based shared electric-mobility operator for last-mile riders with battery-swapping infrastructure and station partners. Comparable in target customer (delivery and gig drivers), asset-light deployment, and emerging-market BaaS economics.

Broad incumbents

• Gogoro: Taiwan-based pioneer of large-scale electric-scooter battery swapping with thousands of stations globally. A broader, more mature incumbent whose scale, manufacturing integration, and GoStation network set the architectural benchmark Tiger's swap technology is built toward.
• Honda Power Pack Exchanger: Honda's standardized e-moto battery-swapping platform deployed across Asia. An OEM-backed incumbent whose interoperable pack approach could displace startup-led networks like Tiger's in Bangladesh as 2W electrification matures.
• Exide Industries: India's largest lead-acid battery manufacturer with a broad automotive and motorcycle battery portfolio via sub-brands. Comparable to Tiger's Mighty Max / Moto Max / Power Max hardware business and nationwide dealer distribution in a South Asian market.

Emerging players

• Ampd Energy: Hong Kong-based battery-energy-storage company expanding into emerging markets with lithium-ion storage for commercial and telecom use cases. Comparable to Tiger's EDOTCO telecom-tower BaaS adjacency and Asian emerging-market focus.

Others

• Tvs Eurogrip: TVS Group automotive components and batteries business partnering with OEMs across South Asia. Comparable to Tiger's existing TVS Auto Bangladesh collaboration and the broader OEM-channel route to market for two-wheeler batteries in the region.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/tiger-new-energy-co-ltd
• Facebookfacebook.com/tigernewenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds2 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tiger New Energy