The company will utilise the funds to scale up its electric pump network to 100 location points per city, starting with Bengaluru
Exponent Energy, a start-up offering charging solutions for electric vehicles (EV), has raised $13 million in a Series A funding round led by Lightspeed. Existing institutional investors like YourNest VC, 3one4 Capital and AdvantEdge VC also participated in the round.
The company will utilise the funds to scale up its proprietary e^pump network to 100 location points per city, starting with Bengaluru. It also plans to streamline its self-designed e^pack production and will 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.”
Commenting on the funding round, Arun Vinayak, Co-founder & CEO, 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 now allows us to execute even faster and make 15-min rapid charging the new normal.”
Earlier this month, Exponent Energy partnered with Altigreen to make rapid charging a reality for eCVs on Indian roads. It unveiled what it called the world’s fastest charging electric 3-wheeler that rapidly charges from 0-100 per cent 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 in Seed and Pre-Series A round from investors such as the family office of Dr. Pawan Munjal, Chairman, and CEO, Hero MotoCorp, global supplier of automotive components Motherson Group along with YourNest VC, 3one4 Capital, AdvantEdge VC and a few angel investors.