Exponent Energy, a startup simplifying energy for electric vehicles (EVs), has announced a $13 million Series A capital raise led by Lightspeed India.
Existing institutional investors, such as YourNest VC, 3one4 Capital and AdvantEdge VC, also participated.
The amount will be utilised to scale up the startup’s e^pump network to 100 location points per city, starting with Bengaluru, besides streamlining e^pack production and delivering more Exponent Energy-enabled EVs.
This is Lightspeed India’s first investment in an Indian EV.
Founded by Arun Vinayak and Sanjay Byalal, Exponent Energy has built a battery pack and charging station called the e^pack & e^pump that together unlock a zero to 100 per cent rapid charge within 15 minutes for EVs with any number of wheels. It also provides a 3,000-cycle life warranty, all while using regular Li-ion cells to make rapid charging affordable and scalable.
Harsha Kumar, Partner at Lightspeed, said, “The need for enhancing EV battery performance, sustainability and most of all access and affordability has never been more pressing. With its drive and innovation, this team 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 & 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-minute rapid charging the new normal.”
Earlier this month, Exponent Energy partnered with Altigreen to make rapid charging a reality for eCVs on Indian roads. They together unveiled a fast-charging electric 3-wheeler that rapidly charges from zero to 100 per cent within 15 minutes.
Exponent’s e^pack on the Altigreen neEV HD is 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 prominent investors such as the family office of Pawan Munjal, Chairman and CEO of Hero MotoCorp; Motherson Group, a leading global supplier of automotive components; and YourNest VC, 3one4 Capital, AdvantEdge VC and a few angels.