Exponent Energy specializing in EV charging technology raises $26.4M led by Eight Roads, others

Bengaluru-based Exponent Energy, a startup specializing in electric vehicle (EV) charging technology, has raised $26.4 million in a Series B funding round led by Eight Roads Ventures and TDK Ventures, marking TDK Ventures' first investment in India's EV sector.

The funding also saw participation from Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and Dr Pawan Munjal's family office, Chairman & CEO of Hero MotoCorp.

Expanding operations in key Indian cities

Exponent Energy plans to use the fresh capital to expand its operations to five new cities, including Delhi, Hyderabad, Chennai, Mumbai, and Ahmedabad, by March 2024. The startup said it aims to deploy 1,000 e^pumps (charging stations) and power 25,000 EVs by 2025.

It also looks to expand offerings in the electric passenger vehicle space and enter the intercity e-bus segment in 2024.

Enabling rapid charging of EVs 

The startup said it has developed a proprietary technology that enables rapid charging of EVs in just 15 minutes. The startup's energy stack, comprising the e^pack battery pack, e^pump charging station, and e^plug charging connector, allows for a 0-100% charge in 15 minutes using regular Li-ion cells. It claims that the technology also promises a 3000-cycle life warranty.

Doubling down charging stations

Exponent Energy said it has established partnerships with firms like Murugappa Group and AltiGreen, demonstrating their technology in commercial settings. Currently, the startup has installed over 30 charging stations in Bengaluru, with plans to double this number and expand to other cities.

Arun Vinayak, Co-founder & CEO of Exponent Energy, emphasizes the company's long-term vision, stating, "Building hardware is hard, and building the core tech is much harder."

He highlights the importance of having investors who believe in the team and the approach. The company's focus is not just on rapid expansion but also on being CAPEX-light, aiming for sustainable growth in the EV charging infrastructure, he added.

Nicolas Sauvage, President, TDK Ventures said, “Exponent's groundbreaking achievement in crafting an economical and scalable 15-minute rapid charging solution utilizing standard LFP cells is revolutionary, allowing electric vehicles to adopt a more compact battery pack that can swiftly charge within a concentrated public charging infrastructure, effectively removing range anxiety. We share the vision of expanding rapid charging accessibility at a reasonable cost, making electric mobility an option for everyone.”

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