Exponent Energy plans to utilize the funds to extend its presence into five additional cities, broaden its offerings in the e3W sector, and venture into the intercity e-bus segment by the fiscal year 2024.
Exponent Energy, a Bengaluru-based energy-tech startup specializing in 25-minute rapid charging, has successfully raised $26.4 million in Series B funding, bringing the total funds raised by the company to $44.4 million.
Eight Roads Ventures led the Series B funding round, which also featured a strategic investment from TDK Ventures. Existing investors, including Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr Pawan Munjal, Executive Chairman of Hero MotoCorp, participated in the funding. Exponent Energy intends to utilize the capital to expand its presence into five new cities, enhance its offerings in the e3W (electric three-wheeler) sector, and venture into the intercity electric bus segment by the fiscal year 2024.
The company’s ambitious goal is to deploy 1,000 e^pumps (charging stations) and have 25,000 electric vehicles powered by Exponent by the year 2025.
Aditya Systla, Partner at Eight Roads Ventures, emphasized the massive opportunity in the Indian commercial vehicle space, which currently constitutes 10% of vehicles but consumes 70% of on-road energy, with a growing trend toward electric vehicles.
Nicolas Sauvage, President of TDK Ventures, lauded Exponent for its groundbreaking achievement in creating an economical and scalable 15-minute rapid charging solution using standard LFP cells. This innovation allows electric vehicles to utilize smaller battery packs that can quickly charge within a concentrated public charging infrastructure, addressing range anxiety effectively.
Arun Vinayak, Co-founder & CEO of Exponent Energy, expressed the company’s commitment to scaling operations, from battery manufacturing to establishing a strong on-ground network presence across various vehicle categories and cities.
Exponent Energy has developed a range of products, including the e^pack battery pack, e^pump charging station, and e^plug charging connector. These components collectively enable a rapid 0 to 100% charge in just 15 minutes for electric vehicles of all types, accompanied by a 3000-cycle life warranty. Importantly, this technology achieves rapid charging affordability and scalability by using regular Li-ion cells.
