Bangladesh accelerates green energy transition with NUCL and FastPower Tech joint venture
NN Online:
In a landmark move to bolster Bangladesh’s green energy infrastructure, Chinese tech Co. NUCL New Energy Technology (GD) Ltd. and Bangladeshi firm Fast Power Tech—a sister concern of Steadfast Courier, one of the nation’s largest logistics providers—formalized a joint venture (JV) through a Memorandum of Understanding (MoU) signed on May 1, 2025, in Huangbian, Baiyun District, Guangzhou. The agreement, witnessed by key stakeholders from both nations, aims to transform Bangladesh’s automotive sector by introducing advanced new energy vehicle (NEV) technologies and building a sustainable electric vehicle (EV) ecosystem.
The ceremony was attended by FastPower Tech Chairman K M Reidwanul Bari Zion and NUCL CEO Forest Liang, who inked the historic pact. Also present were Arnob Mustafa, Director of Communication at Steadfast Courrier Ltd, and Shadman Sakib, a representative from the Bangladeshi expatriate community, alongside senior NUCL officials.
Strategic Collaboration for Sustainable Mobility
Under the agreement, NUCL—a leader in Extended Range Electric Vehicle (EREV) and Plug-in Hybrid Electric Vehicle (PHEV) technologies, and Fast Power Tech will invest $15 million together to establish local assembly lines for NEVs in Bangladesh. The partnership will focus on technology transfer, supply chain development, and infrastructure projects, including nationwide charging stations under NUCL’s CAR CLOUD network. This initiative aims to reduce vehicle maintenance times from months to hours and promote resource-sharing across industries.
FastPower Tech’s affiliation with Steadfast Courier, which operates a vast logistics network across Bangladesh, is expected to streamline the distribution of EV components and charging infrastructure. K M Reidwanul Bari Zion, Chairman of FastPower Tech, underscored the partnership’s transformative potential: “This collaboration is a strategic leap for Bangladesh’s green future. By merging NUCL’s technological excellence with FastPower Tech’s local expertise and Steadfast Courier’s logistical backbone, we are not just building vehicles—we are empowering a nation to lead in sustainable mobility.”
Arnob Mustafa, Director of Communication, added: “By this agreement, Bangladeshi consumers will be more benefited because we will not focus only on selling EVs. We will be investing to create an entire ecosystem—from batteries and charging stations to recycling solutions. Leveraging Steadfast Courier’s expertise ensures efficient deployment nationwide.”
Roadmap and Vision
The JV plans to commence trial operations within six months, with NUCL leveraging its expertise in electric continuously variable transmissions (e-CVT) and battery technology to localize production. FastPower Tech, supported by its sister company’s logistical prowess, will spearhead market expansion and consumer outreach. Additionally, the partners aim to enter Bangladesh’s power battery sector, addressing energy storage and sustainability challenges.
A Leap Toward Energy Independence
This collaboration aligns with Bangladesh’s goals to reduce fossil fuel dependency and carbon emissions. By integrating cutting-edge Chinese technology with local industrial growth—and tapping into Steadfast Courier’s established infrastructure—the JV is poised to create jobs, enhance technical skills, and position Bangladesh as a regional leader in green mobility.
As Forest Liang, NUCL CEO, stated: “This partnership is not just about vehicles—it’s about powering a cleaner future for Bangladesh.” With trials set to begin by late 2025, the nation’s roads may soon witness a new era of energy-efficient transportation.