FastPower Forges Future with Foreign Funding for Green Energy Growth
The Bangladesh Investment Development Authority (BIDA) has finalized a strategic "heatmap" prioritizing 19 key sectors, including ready-made garments, textiles, and renewable energy. As a result of this roadmap, the recent Investment Summit 2025 held in Dhaka from April 7 to 10 attracted foreign investments worth approximately BDT 3,100 crore. Notably, a major investment of BDT 190 crore was secured by ShopUp, while a joint investment of BDT 180 crore flowed into a local renewable energy technology startup.
In a significant development for the electric vehicle (EV) ecosystem in Bangladesh, local startup FastPower Tech secured a joint investment of USD 15 million to establish a sustainable, eco-friendly energy infrastructure. The funding comes from Chinese energy technology company NUCL, and will support the development of an EV assembly line, charging stations, and related facilities. FastPower Tech is a sister concern of logistics company Steadfast Courier, which aims to begin pilot operations within six months.
To this end, on May 1, a joint venture agreement was signed between NUCL New Energy Technology (GD) Ltd., based in Huangbian, Baiyun District of Guangzhou, China, and FastPower Tech of Bangladesh.
The agreement was signed by KM Ridwanul Bari Zion, Chairman of FastPower Tech, and Forest Liang, CEO of NUCL. Present at the signing were Arnob Mustafa, Director of Steadfast Courier Ltd., expatriate representative Shadman Sakib, and senior officials from NUCL.
Under the terms of the partnership, a renewable and environmentally friendly energy management network will be established in Bangladesh. It will support the deployment of extended-range electric vehicles (EREVs) and plug-in hybrid electric vehicles (PHEVs) under NUCL’s CAR CLOUD network, with charging stations installed nationwide. Market analysts view this joint venture as a milestone in reducing fossil fuel dependency and carbon emissions. They believe that integrating cutting-edge Chinese technology with local industrial growth and Steadfast’s existing infrastructure will foster job creation, enhance technical expertise, and accelerate the adoption of clean energy mobility solutions.
Commenting on the development, KM Ridwanul Bari Zion, Chairman of Steadfast, said, “We are currently working on storage batteries such as lithium iron phosphate and lead-acid batteries, along with renewable sources like solar energy. With this new investment and partnership, we will now establish a manufacturing facility in Bangladesh. The site will be selected from among the country’s economic zones. Through this collaboration, renewable energy technologies from China will be developed and produced locally, and charging stations will be rolled out across the country under NUCL’s CAR CLOUD network. Resource-sharing will help save both time and cost in the fueling and maintenance of EVs on the road.”
