Cassetex Ltd., Bangladesh’s pioneering Battery-as-a-Service (BaaS) startup, has successfully raised $1.6 million in investment, led by Infusion Partners Ltd. and Waverider International Consulting Co. Ltd. This funding will enable the company to accelerate the electrification of transport, agriculture, and light industry across Bangladesh, Nepal, and East Africa. By eliminating the high cost of battery ownership and providing an efficient, sustainable solution, Cassetex is breaking affordability barriers and transforming the clean energy sector.
The funding will support the rapid deployment of Cassetex’s innovative battery-swapping technology, allowing for the integration of 50,000 new electric vehicles by 2026. In addition, the company aims to create new employment opportunities by enabling small business owners—particularly women—to become micro-energy entrepreneurs (mEEs) by managing battery-swapping stations.
Addressing Environmental and Economic Challenges
Bangladesh is home to over 4.2 million light electric vehicles, primarily three-wheelers, with an annual growth rate of 7%. However, many of these vehicles rely on lead-acid batteries, which contribute to 45,900 metric tons of lead pollution each year. These hazardous waste materials pose severe environmental and health risks.
Cassetex is leading the transition to a more responsible and circular battery economy, offering advanced lithium-ion batteries designed to be longer-lasting, safer, and more efficient. This technology reduces pollution, lowers vehicle operating costs, and ensures a more sustainable energy future.
Empowering Women and Small Business Owners
A key component of Cassetex’s mission is the empowerment of small business owners through its micro-energy entrepreneurship (mEE) initiative. The programme enables entrepreneurs, including shopkeepers, mobile money agents, and tailors, to manage battery-swapping stations, generating additional income by selling energy.
Women, in particular, stand to benefit from this initiative, as the model allows them to integrate battery-swapping services into their existing businesses with minimal additional effort. By providing clean energy access to underserved communities, Cassetex is not only promoting economic development but also fostering social empowerment.
Technological Innovation for a Sustainable Future
Cassetex’s battery-swapping stations operate using state-of-the-art lithium-ion technology and are integrated with the company’s proprietary IoT-based cloud platform, GenSwap. This advanced system enables real-time power demand analysis, charger monitoring, and battery health tracking, ensuring maximum efficiency and performance.
The company’s network also supports Battery-to-Grid (B2G) integration, allowing surplus energy to be redirected to the national grid. All Cassetex charging stations are powered by renewable energy sources, made possible through partnerships with leading solar energy providers.
To further its commitment to sustainability, Cassetex ensures that all used lithium-ion batteries are collected and safely recycled at the end of their life cycle. This approach eliminates hazardous waste, reinforcing the company’s dedication to environmental responsibility.
Global Recognition and Industry Impact
Since its founding in 2020, Cassetex has gained international recognition for its innovative approach to clean mobility. It was named Champion Startup by the EU’s EIT Climate-KIC, won second place at the Youth4South Entrepreneurship Competition, and was a finalist in the CleanTech Startup category at the World Cleantech Awards. In 2024, Cassetex solutions were featured among the winners of the SolarX Startup Challenge APAC.
With this new investment, Cassetex is set to expand its reach, drive large-scale adoption of electric mobility, and establish Bangladesh as a leader in clean energy solutions.
