Exponent Energy, an electric vehicle (EV) charging station startup focused on developing fast charging technology, has raised $13 million in a Series A funding round. Lightspeed Ventures led the round, which was its first investment in the EV sector.
Existing institutional investors such as YourNest VC, 3one4 Capital, and AdvantEdge VC are also involved. The funding will assist in expanding the e-pump network to 100 locations per city, beginning with Bengaluru; streamline e-pack production; and deliver more Exponent-enabled EVs.
Exponent, founded in 2020 by Ather Energy’s former chief product officer Vinayak and Sanjay Byalal, provides EV battery packs and charging stations. It focuses on creating scalable and affordable fast charging options for EVs.
Arun Vinayak, Co-founder and CEO of Exponent Energy, said, “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 allows us to execute even faster and make 15-min rapid charging the new normal.”
Exponent partnered with EV manufacturer Altigreen Propulsion Labs
Early this month, the company announced a collaboration with Altigreen Propulsion Labs to develop a rapid charging battery for commercial electric vehicles.
The companies have unveiled an electric three-wheeler that can be charged from 0 to 100% battery capacity in 15 minutes at Exponent’s e-pump network and has a city drive range of 80-85 kilometers. According to the partners, the Altigreen neEVHD has an 8.19 kWh epack – an Exponent proprietary battery.
According to the company, rapid charging is achieved by the e-pump delivering 600 amps of current to the e-pack while managing individual cell characteristics such as thermals to ensure safety, long battery life, and performance consistency even at 50 degrees Celsius.
Altigreen was founded nine years ago to compete with fossil-fuel-powered vehicles. It realized that the only way to do so was to focus on the entire electric stack, including the software, gearboxes, and appropriately sized batteries. The collaboration with Exponent will impact Altigreen’s current needs and future vehicles, including passenger versions.
Adoption of EVs picking up in India
According to media reports, India’s total EV market opportunity is expected to be around $206 billion by 2030. Investors are interested in EV startups.
The Union Government is also considering establishing a $5 billion fund to encourage the adoption of electric vehicles in the country. Meanwhile, states like Haryana and Chhattisgarh have unveiled their respective EV policies in recent months.
Exponent Energy raised $6 million in seed and pre-series A funding from investors including Dr. Pawan Munjal’s family office, Hero MotoCorp, Motherson Group, YourNest VC, 3one4 Capital, AdvantEdge VC, and a few angel investors.
Harsha Kumar, a Partner at 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.”