Exponent Energy raises $5 million in a pre-Series A round

Cleantech startup, Exponent Energy, has secured $5 million in a pre-Series A round of funding. Existing investors including YourNest VC, 3one4 Capital and AdvantEdge VC doubled down on their earlier investment. This fund-raise also saw the participation of Motherson Group, a leading global supplier of automotive components.
 
“We’re excited to deepen our partnership with our existing investors who’ve watched us build from scratch. Motherson coming on board adds immense value to scale with respect to OEM relationships and manufacturing partnerships. Given the demand witnessed for our rapid charging technology in the logistics space, we prioritised closing the pre-Series A to enter the market by early 2022,” said co-founder & CEO, Arun Vinayak.
 
Exponent Energy claims to be unlocking the scale for EVs by simplifying the otherwise complicated, expensive and slow ‘EV energy train’ – the flow of energy between the charger and battery – in India. In line with this, the company recently unveiled their battery pack and charging station called the E-pack and E-pump that together unlocks a 15-minute rapid charge and gives a 3,000 cycle life warranty (a new industry standard), all done on a range of affordable Li-ion cells. This is made possible by their proprietary BMS and charging algorithms, layered on top of their unique E-pack design.
 
The company will use the funds to begin commercial operations and scale it across multiple cities starting with Bengaluru from early 2022, hire across product and engineering teams to ensure their products enter production, build out a robust deployment team for smooth operations, double down on its software products to create a seamless customer experience.
 
Sunil Goyal, Managing Director, YourNest VC, said that wide-scale adoption of EVs will be limited due to the prolonged charging hours and restricted charging infrastructure. “Exponent Energy has developed the much-needed proprietary rapid charging battery and infrastructure technology to provide a seamless and rapid charging experience of ‘recharge like you refuel’. With this round of investment, the company plans to enter and become a dominant player in the market to make our world sustainable and highlighting Exponent’s vision,” Goyal added.

Also read: Hyundai Motor India to invest Rs 4,000 cr in EVs by 2028, lines-up 6 EV models