Bangalore-based startup Exponent Energy, which aims to simplify energy for electric vehicles (EVs), has recently raised $13 million in a Series A funding round led by Lightspeed. With this fund, the startup plans to scale up its e^pump network to 100 location points per city starting with Bengaluru, streamline e^pack production and deliver more Exponent-enabled EVs.
Apart from Lightspeed, institutional investors such as YourNest VC, 3one4 Capital and AdvantEdge VC also participated in the funding, Exponent Energy revealed in a press release. Interestingly, this is also Lightspeed India’s first investment in the domestic EV space.
Exponent Energy, led by Arun Vinayak and Sanjay Byalal, has built a battery pack and charging station called the e^pack and e^pump that it claims can together help achieve an EV battery to charge from 0 to 100 per cent in 15-minutes. In addition to this, the startup also provides a 3000-cycle life warranty, while using regular Li-ion cells to make fast charging affordable and scalable.
Harsha Kumar, Partner, Lightspeed, while speaking about the investment, 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.”
Arun Vinayak, Co-founder and CEO of Exponent Energy, while commenting on the funding round, said "We've really enjoyed thinking aloud with the Lightspeed team in all conversations leading up to the investment. We believe we have a great partner in them as we simplify energy for EVs - for an all-electric future.”
Exponent Energy, earlier this month, partnered with Altigreen to make rapid charging a reality for eCVs on Indian roads and unveiled the world’s fastest charging electric 3-wheeler that rapidly charges from 0-100 per cent within 15 minutes, the statement added.
However, the e^pack only from 0-100 per cent within 15 minutes when it’s being charged on Exponent’s charging infrastructure, and at a standard charging station it would take around 60 minutes. Similarly, Exponent’s e^pumps also don’t deliver the same quick charge to all EVs.
“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 and flexibility to our customers. This funding now allows us to execute even faster and make 15-min rapid charging the new normal,” Vinayak further added.
Exponent Energy has previously raised $6 million in Seed and Pre-Series A rounds from investors such as the family office of Hero MotoCorp’s CEO Pawan Munjal, Motherson Group, YourNest VC, 3one4 Capital, and AdvantEdge VC among others.
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