This company provides Battery as a Service (BaaS) for electric vehicles using lithium batteries through a daily subscription model to make clean mobility affordable. They operate a network of state-of-the-art battery swapping stations for seamless power transitions. The service supports drivers and fleet partners by eliminating battery maintenance and charging concerns.
Funding
$3.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
AVFounders
Product
Problem
Electric vehicles in emerging markets face barriers to widespread adoption due to long charging times and range anxiety, hindering mobility and economic opportunities, especially for underserved populations relying on these vehicles for their livelihoods. The lack of convenient charging infrastructure and the upfront cost of batteries further exacerbate these challenges.
Solution
Tiger New Energy provides a 'Battery as a Service' model, offering lithium battery swapping solutions for electric vehicles, primarily targeting the three-wheeler market. The company establishes a network of battery swapping stations where drivers can quickly exchange depleted batteries for fully charged ones, eliminating charging downtime and extending vehicle range. This approach reduces carbon emissions, lowers operational costs for drivers through a daily subscription model, and promotes sustainable transportation. Tiger New Energy also provides mobile applications for both drivers and partners to manage battery swaps, track income, and monitor battery status, ensuring efficient and transparent operations.
Target Audience
The primary target audience includes electric three-wheeler drivers in emerging markets, particularly in Bangladesh, seeking affordable and convenient energy solutions, as well as fleet owners and local partners looking to invest in sustainable transportation infrastructure.
Features
- Battery swapping stations designed for rapid battery exchange, typically within 1 minute
- High-performance lithium batteries engineered for sustained energy and extended rides
- Driver app for locating nearby swapping stations, managing accounts, and facilitating payments
- Partner app for tracking income, monitoring battery and station status, and accessing training materials
- Offline swapping capabilities to ensure service availability during power outages
- Batteries equipped with GPS and anti-theft alarms for enhanced security
- Algorithm-controlled charging to adapt to varying grid conditions
- Real-time vehicle monitoring platform (in collaboration with local authorities) for enhanced safety and security