Exponent Energy, a start-up simplifying energy for EVs, has announced that it has raised $13 million (Rs 102 crore) in a Series A funding round led by Lightspeed, with all existing institutional investors such as YourNest VC, 3one4 Capital & AdvantEdge VC also participating.
The amount raised will be utilised to scale up the e^pump network to 100 location points per city, starting with Bengaluru; streamline e^pack production; and deliver more Exponent-enabled EVs.
Speaking about the investment, Harsha Kumar, Partner, Lightspeed said, “The need for enhancing EV battery performance, sustainability and most of all access and affordability has never been more pressing and so we are delighted to partner with Exponent to simplify energy for EVs. This team, with their drive and innovation, has made rapid EV battery charging possible in just 15 minutes. We are confident that the technology is a real breakthrough, allowing EVs to become ubiquitous.”
Commenting on the funding round, Arun Vinayak, co-founder & CEO, Exponent Energy, said “We believe we have a great partner in them as we simplify energy for EVs for an all-electric future.
Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we’ll scale-up our production and network presence to 100 e^pump location points per city to deliver freedom & flexibility to our customers. This funding now allows us to execute even faster and make 15-minute rapid charging the new normal.”
Earlier this month, Exponent Energy partnered with Altigreen to make rapid charging a reality for electric CVs on Indian roads. They unveiled the world’s fastest charging electric 3-wheeler that rapidly charges from 0-100% within 15 minutes. Exponent’s e-pack on the Altigreen neEV HD is uniquely built using regular LFP cell chemistry, making this the first rapid charging solution that’s affordable and scalable. Customer deliveries of Exponent-enabled NeEV HD will begin from October 2022.
Previously Exponent Energy has raised $6 million (Rs 47 crore) in seed and Pre-Series A round from prominent investors such as the family office of Dr. Pawan Munjal, Chairman, and CEO, Hero MotoCorp, Motherson Group, along with YourNest VC, 3one4 Capital, AdvantEdge VC and a few angel investors.