Connect with us

Technology

Tiger New Energy’s Battery Swapping Technology Receives US$3.5M Push

Published

on

The injection of funds will enable the Bangladeshi startup to empower more drivers through an expanded network of battery swapping stations.

DHAKA, Bangladesh, June 25, 2024 /PRNewswire/ — In the bustling streets of Bangladesh, where millions rely on three-wheelers daily, Tiger New Energy (“Tiger”), a Bangladeshi clean energy startup, is setting a new standard in urban mobility with its innovative battery swapping technology. ADB Ventures has provided the company with an additional US$1 million in funding, augmenting the US$2.5 million seed round led by Wavemaker Partners last year. The investment accelerates the deployment of Tiger’s battery swapping network across Bangladesh, advancing its mission to promote eco-friendly mobility and deliver substantial socio-economic benefits.

Driving Change for Green Mobility and Empowering Local Communities

Harvard Business School alumni Nicole Mao and Yiwei Zhu founded Tiger New Energy to address the pressing issues of carbon emissions and energy inefficiency that plague Bangladesh’s urban transportation sector. Approximately 4 million electric three-wheelers and vehicles transport over 112 million people daily across the country. However, the use of low-quality lead-acid batteries, which only last 6 to 8 months, hinders these vital modes of transportation from being as efficient as necessary. The absence of adequate charging infrastructure compounds the problem, posing imminent safety threats, including the risk of fire accidents.

In a transformative move, Tiger has introduced a network of stations where rickshaw drivers can swap their depleted batteries for fully charged ones in less than one minute compared to four hours previously. This dramatically reduces downtime and has been shown to amplify the earnings of rickshaw drivers by an impressive 60%, reinforcing the backbone of urban transport in Bangladesh.

Innovative Technology Drives Economic Growth

Tiger’s proprietary Offline Swapping and Reverse Charging features ensure service continuity during power outages, while its infrastructure doubles as Decentralised Energy Storage Systems (DESS), contributing to grid stability. Advanced thermal management and data-driven optimisation algorithms further elevate the performance and lifespan of Tiger’s lithium-ion batteries over traditional alternatives.

“Our mission is clear: to make clean mobility accessible to all in emerging markets,” said Nicole Mao, co-founder and CEO of Tiger New Energy. “This funding validates our technology and business model and strengthens our commitment to reducing carbon footprints, fostering sustainable development, and enhancing the livelihoods of local communities.”

Investment and Growth

Wavemaker Partners, Southeast Asia’s leading VC firm investing in early-stage enterprise, deep tech, and sustainability startups, led the funding round with notable participation from ADB Ventures. The round’s other investors include 500 TukTuks, Orvel Ventures, Humble, Penataran Management, Brett Barna, the founder of the Barna Family Office, an undisclosed Singaporean Family Office, and an undisclosed angel investor.

Investors recognise the potential of Tiger’s solution, particularly female entrepreneurs like Nicole Mao and Yiwei Zhu, who are making a significant impact. “We invested in Tiger New Energy because Nicole and Yiwei are incredible founders, and Bangladesh is an underserved, fast-growing market,” said Doug Parker of Wavemaker Partners. “The investment from ADB Ventures is a sign of the quality of the team and the impact of their work on hard-working citizens.”

ADB Ventures, with a strategic focus on sustainable and inclusive growth, supported Tiger’s mission. “Tiger New Energy’s swift battery swapping solutions alleviate range anxiety for electric vehicle drivers in Bangladesh and pave the way for cleaner energy access and economic empowerment. Their inclusive business approach, dedicated women empowerment initiatives, and commitment to climate impact closely align with our core mission of catalysing climate action and advancing gender equality through transformative solutions in emerging Asia,” said Yichu Zhang of ADB Ventures.

Expanding Networks and Empowering Women

With this investment, Tiger plans to expand its network beyond 100 battery swapping stations to empower over 10,000 rickshaw drivers. The funds will also enhance talent acquisition, spur research and development, and facilitate the exploration of new regional markets. Tiger is actively forming strategic partnerships with leading EV manufacturers and energy providers to further its mission.

Social Impact Through the HerDrive Initiative 

Tiger’s commitment to societal impact is demonstrated through the HerDrive initiative, which aims to boost the number of female rickshaw drivers, currently under 1% of the workforce. The initiative provides training, mentorship, and financial assistance for female drivers in EV ownership, opening a new and stable income source and enhancing the safety and comfort of female passengers. The HerDrive initiative aims to empower 1,000 women by 2025.

Moving Forward: Sustainable Transportation Solutions

As Tiger New Energy forges ahead, it remains dedicated to creating continuous social impact through transformative initiatives. Backed by a robust foundation and the unwavering support of its investors and community, Tiger is poised for rapid growth and is actively preparing for its Series A funding round at the end of 2024.

To learn more about Tiger New Energy and the HerDrive initiative, please visit https://tigernewenergy.com/

About Tiger New Energy

Based in Dhaka, Tiger New Energy, founded by two Harvard MBA alumni, is transforming clean mobility in South Asia with its ‘Battery as a Service’ model. The company is setting up a battery swapping station network that utilises lithium batteries to offer sustainable transportation solutions. By introducing a daily subscription model and collaborating with local government and communities, Tiger New Energy aims to make electric vehicles more affordable and accessible, significantly reducing carbon emissions and enhancing environmental sustainability. The service allows users to embrace green mobility without the high upfront cost, promoting the spread of eco-friendly transportation solutions across various regions.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/tiger-new-energys-battery-swapping-technology-receives-us3-5m-push-302179800.html

SOURCE Tiger New Energy

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

National Center for Charter School Accountability Launches with Analysis of State Charter School Laws

Published

on

By

The National Center for Charter School Accountability provides research and recommendations on increasing transparency and accountability for charter schools.

NEW YORK, Sept. 23, 2024 /PRNewswire/ — The Network for Public Education (NPE) announces a new project, the National Center for Charter School Accountability (NCCSA), to provide research and recommendations on increasing transparency and accountability for charter schools. NPE is the leading organization that advocates revising state charter laws to make charter schools better align with the original vision of charter schools as teacher and parent-led schools of innovation that complement, not compete with, the public school system.

“The charter sector, now saturated with impersonal national chains and for-profit management corporations, has strayed far from the original mission of charter schools. A few states follow that vision; most do not. We regularly receive calls from charter school parents, teachers, and public school advocates raising concerns. The Center will educate the public with facts and provide information on how best to address concerns,” said Carol Burris, the Executive Director of NPE.

The Center includes a searchable database of news stories highlighting problems regarding charter schools. It also provides a portal where parents and taxpayers can submit questions and complaints. It also provides access to nine NPE research reports on charter schools, including reports on charter closures and for-profit-run charter schools.

In addition to research and reports, NCCSA evaluates state laws based on accountability, responsible growth, community input, and protections for students and taxpayers. An interactive map shows the number of open and closed charter schools in each state.

“The Center will grow over time, providing information unavailable on charter trade group sites. One million students have been displaced due to charter closures. In the age of choice, parents and taxpayers deserve the facts,” Burris added.

Commenting on the new project, NPE President Diane Ravitch noted, “NCCSA is a valuable resource for parents, taxpayers, policymakers, and the press who want to be informed about the status of charter schools. Accountability matters, and the Center will provide it via accurate and timely information.”

Access to NCCSA can be found here.

The Network for Public Education is a national advocacy organization with over 350,000 members and 200 grassroots groups. Its mission is to preserve, promote, improve, and strengthen public schools for current and future generations of students.

Contact: Carol Burris
cburris@networkforpubliceducation.org
(646) 678-4477

View original content:https://www.prnewswire.com/news-releases/national-center-for-charter-school-accountability-launches-with-analysis-of-state-charter-school-laws-302256096.html

SOURCE Network for Public Education

Continue Reading

Technology

Vermont State Dental Society, University of Detroit Mercy, Sanders, and Welch Announce Historic Effort to Advance Dental Care and Education Across State

Published

on

By

BURLINGTON, Vt., Sept. 23, 2024 /PRNewswire/ — The Vermont State Dental Society (VSDS), University of Detroit Mercy (UDM), Senator Bernie Sanders, and Senator Peter Welch are partnering to bring an innovative Dental Oral Health Education Center to Vermont in Fall 2027. This new dental clinic and education program would bring UDM students to Vermont to complete their final years of training – strengthening the dental care provider pipeline and expanding access to much-needed care across the state.

At a recent press conference, VSDS, UDM, Sanders, and Welch celebrated the program receiving its accreditation from the Commission of Dental Accreditation (CODA) – an essential step in establishing the teaching program in Vermont.

Sanders and Welch are working to secure $4.6 million in federal funding through the FY25 Congressionally Directed Spending process to support this historic initiative. The funding was recently approved by the Appropriations Committee and needs to be passed by the House and the Senate before being signed into law by President Biden.

The tentative location for the new center will be in Chittenden County.

VSDS, a nonprofit professional healthcare organization whose mission is to improve the oral health of Vermonters and to serve the profession of dentistry in the state, is pioneering the new institution with UDM as it brings more than 90 years of experience in educating dentists worldwide.

Beginning in the fall of 2025, this partnership will include two years of foundational and preclinical education at the UDM School of Dentistry Campus in Detroit, followed by two years of clinical and didactic education at a new dental clinic based in Colchester. The Detroit Mercy-Vermont dental program will offer DDS dental education in the state of Vermont, accredited by the Commission of Dental Accreditation (CODA).

University of Detroit Mercy-Vermont will house modern classrooms with on-site clinics to support its clinical education program and serve as a public health Medicaid clinic to provide dental care to qualifying individuals. Extending its reach beyond its Colchester facility, the new dental program will partner with clinical organizations in Vermont to reach areas with a shortage of dental health professionals and underserved populations.

As Vermont’s professional association for dentists, the VSDS works diligently to enhance the oral healthcare environment in the state. With just under 400 members, VSDS includes more than 80% of the state’s practicing dentists. VSDS provides resources, educational information, and support for its members and the public and advocates for public policies and systems to improve oral healthcare for all Vermonters.

University of Detroit Mercy is Michigan’s largest and most comprehensive independent Catholic university, sponsored by the Sisters of Mercy of the Americas and the Society of Jesus (the Jesuits). For more information, please visit www.udmercy.edu.

View original content:https://www.prnewswire.com/news-releases/vermont-state-dental-society-university-of-detroit-mercy-sanders-and-welch-announce-historic-effort-to-advance-dental-care-and-education-across-state-302256126.html

SOURCE University of Detroit Mercy

Continue Reading

Technology

eBay Announces Samantha Wellington as Senior Vice President, Chief Legal Officer, General Counsel and Secretary

Published

on

By

SAN JOSE, Calif., Sept. 23, 2024 /PRNewswire/ — eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today announced the appointment of Samantha Wellington as Senior Vice President, Chief Legal Officer, General Counsel and Secretary. In this role, Samantha will oversee all global aspects of eBay’s legal department, including Government Relations, intellectual property, employment, litigation, regulatory and corporate work across our financial services, marketplaces, and product and technology organizations. Samantha will report directly to Jamie Iannone, eBay’s Chief Executive Officer, and will join the company on October 7, 2024.

Samantha joins eBay with a distinguished career in legal and business affairs, most recently serving as TriNet’s Executive Vice President of Business Affairs, Chief Legal Officer, and Secretary. In this role, Samantha led a team of professionals across Legal, Compliance, Government Affairs, Customer Service, Sales, Operations, Product Management, Engineering, Technology, and Risk. Her leadership focused on spearheading initiatives that address the evolving workplace dynamics for TriNet’s customers, facilitating capital access for small business owners, and enhancing customer service experiences to support business growth. Prior to TriNet, she spent 12 years at Oracle, where she held a number of senior legal positions.

“Samantha has successfully led multifaceted teams and navigated complex legal and regulatory environments throughout her career,” said Jamie Iannone, Chief Executive Officer, eBay. “Samantha’s expertise will be invaluable as we continue to innovate and grow our global marketplace while ensuring we meet our legal and ethical responsibilities. Her passion for empowering small businesses aligns perfectly with eBay’s purpose, and I’m excited to welcome her to the team.”

“My parents started their business by selling skateboard parts at the open market in Sydney, so I have a deep appreciation for eBay’s role in empowering businesses of all sizes,” said Samantha Wellington. “As a longtime eBay user and collector, I am passionate about helping others unlock similar opportunities and connecting people with what they love.”

Samantha holds Bachelor’s Degrees in Creative Arts and Laws from Wollongong University, as well as a Master of Laws in Communication and Technology Law from the University of New South Wales. She has served as a board member for the National Association of Professional Employer Organizations and BSA, The Software Alliance.

Samantha replaces Marie Oh Huber, who left eBay in June after nine years as General Counsel. 

About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. In 2023, eBay enabled more than $73 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ebay-announces-samantha-wellington-as-senior-vice-president-chief-legal-officer-general-counsel-and-secretary-302256084.html

SOURCE eBay Inc.

Continue Reading

Trending