Bangladesh's FastPower, China's NUCL to invest $15m for local EV assembly
A MoU was signed in Guangzhou on Thursday aimed at building a sustainable EV ecosystem in Bangladesh
In a significant step towards enhancing the country's green energy infrastructure, Bangladeshi firm FastPower Tech and China's NUCL New Energy Technology (GD) Ltd have signed a joint venture agreement to invest $15 million in setting up local electric vehicle (EV) assembly lines.
The MoU, signed on Thursday in Guangzhou's Baiyun District, aims to establish a sustainable EV ecosystem and introduce cutting-edge new energy vehicle (NEV) technologies to the country.
FastPower Tech is a sister concern of Steadfast Courier Ltd, one of Bangladesh's largest logistics providers, and NUCL is an industry leader in extended range electric vehicle (EREV) and plug-in hybrid electric vehicle (PHEV) technologies.
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FastPower Tech's Chairman KM Reidwanul Bari Zion and NUCL CEO Forest Liang signed the deal at a ceremony attended by stakeholders from both sides, including Arnob Mustafa, director of Communication at Steadfast Courier, Shadman Sakib from the Bangladeshi expatriate community, and several senior officials from NUCL, according to a media release.
Under the agreement, the companies plan to launch local assembly operations for EREVs and PHEVs. The partnership will also emphasise technology transfer, supply chain development, and infrastructure initiatives, which include the establishment of nationwide charging stations under NUCL's CAR CLOUD network.
Trial operations are expected within six months, with the EV plant likely to be set up in an economic zone, officials said.
"This collaboration marks a strategic leap toward Bangladesh's green future. By merging NUCL's technological excellence with FastPower Tech's local expertise and Steadfast Courier's logistical foundation, we are not only building vehicles – we are empowering a nation to lead in sustainable mobility," said KM Reidwanul Bari Zion, chairman of FastPower Tech.
Arnob Mustafa said, "This agreement will greatly benefit Bangladeshi consumers, as we will focus not only on selling EVs but also on creating a comprehensive ecosystem – from batteries and charging stations to recycling solutions. Leveraging Steadfast Courier's expertise ensures efficient deployment nationwide."
Forest Liang, CEO of NUCL, described the deal as more than a business move.
He said, "This partnership transcends vehicle development – it's about powering a cleaner future for Bangladesh."
With trials set to begin by late 2025, the nation may soon witness the dawn of a new era in energy-efficient transportation, he added.
Roadmap and vision
The new venture will utilise Steadfast Courier's extensive logistics network to distribute EV components and charging equipment nationwide.
NUCL will capitalise on its expertise in electric continuously variable transmissions (e-CVT) and battery technology to localise production. FastPower Tech will lead market expansion and consumer outreach.
The joint venture also aims to penetrate Bangladesh's power battery sector, addressing energy storage and sustainability challenges. The collaboration aligns with Bangladesh's objectives to reduce its dependence on fossil fuels and decrease carbon emissions.
