The round of funding was led by Lightspeed and was backed by existing investors like YourNest VC, 3one4 Capital and AdvantEdge VC
The EV startup is seeking to improve the efficiency of e-pack production and provide more Exponent-enabled EVs
In the last month, the startup joined forces in a partnership EV OEM Altigreen Propulsion Labs and revealed an electric three-wheeler that could be fully charged in 15 minutes
Electronic vehicles (EV) charger infrastructure company Exponent Energy has raised $13 Mn in a Series B financing round that was led by Lightspeed. Existing institutional investors such as YourNest VC, 3one4 Capital as well as AdvantEdge VC also participated in the round.
The startup is planning to use the funds it has received to build the e-pump system up to 100 locations points per city. The plan will begin with Bengaluru. Exponent Energy is also looking to improve the efficiency of e-pack manufacturing and offer more Exponent-enabled electric vehicles.
“Our technology has already provided an effortless charging experience and now that our vehicle partnership is being in place, we’ll expand our network and production capabilities,” said Arun Vinayak Co-founder as CEO at Exponent Energy.
So so far, Exponent Energy raised $6 Mn through its Pre-Series and Seed A round of funding from The family offices that includes Hero Motocorp Chairman Pawan Munjal, Motherson Group, YourNest VC as well as a handful of angel investors, in addition to.
In the year 2020, Exponent Energy was founded by former chief of product Vinayak And Sanjay Byalal Exponent Energy’s mission is to reduce the cost of energy for electric vehicles. The company says its battery charger and pack, dubbed the e-pack and e’pump will be used together to provide an 0 to 100 percent rapid charge in just 15 minutes for electric vehicles with many wheels, while offering a 3,000-cycle lifetime warranty. All this while using standard lithium-ion (Li-ion) cells.
“The need to improve EV battery performance, sustainability , and accessibility and affordability have never been more urgent. We believe that this technology will be an important breakthrough, and will enable EVs to become widespread,” said Harsha Kumar Lightspeed’s partner. Lightspeed.
In actual fact, it’s the case it is true that EV charger infrastructure India isn’t up to par which is causing a greater acceptance of EVs since the fear of range is evident, particularly when traveling across long distances. For electric two-wheelers that has seen a rise in popularity in India The insufficient charging infrastructure is one of the main reasons slowing the acceptance.
In addition, the long time to charge is one of the biggest issues for both non-users as well as users of electric two-wheelers, as a recent Redseer study found.
According to the report, India currently has just three thousand charging stations for electric vehicles approximately six charging stations for 1,000 electric vehicles. This is in stark contrast to a nation such as China that has the largest amount of EV makers, and around 200 EV charging stations per 1000 vehicles.
Other Indian infrastructures for charging EVs comprise ElectricPe, ElectiVa, TATA Power Ather Energy’s Ather Grid, and EVRE as well as EVRE.
In a “optimistic” scenario the think tank of the government NITI Aayog sees 100 percent penetration of electric two-wheelers across the country in the end of FY27. The overall Indian market for electric vehicles is projected to increase by an annual compound growth rate (CAGR) in the range of 94.4 percent from 2021 to 2030 according to the study.