EV Charging Startup Exponent Energy Raises $13 Million in Series A Funding Round
The fund will be used to scale up Exponent's EV charger network to 100 locations per city
August 17, 2022
Electric vehicle (EV) charging startup Exponent Energy secured $13 million in its Series A funding round. The funding round led by Lightspeed Venture Partners saw participation from existing investors like YourNest VC, 3one4 Capital, and AdvantEdge VC.
The amount raised will be used to scale up Exponent Energy’s EV charger network to 100 locations per city, starting with Bengaluru. A part of the funding will be used to streamline the company’s battery pack production.
Commenting on the funding round, Arun Vinayak, Co-founder & CEO of Exponent Energy, 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. 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 charging location points per city to deliver freedom & flexibility to our customers. This funding now allows us to execute even faster and make 15-min rapid charging the new normal.”
Exponent Energy recently partnered with Altigreen Propulsion Labs, a commercial EV manufacturer, to unveil the fastest charging electric three-wheeler that rapidly charges from 0-100% battery capacity within 15 minutes. The Exponent-enabled Altigreen neEV HD has an 8.19 kWh energy pack – a proprietary battery by Exponent.
The vehicle is expected to deliver a city drive range of 80-85 km and charge up in 15 minutes at the Exponent’s energy pump network. This would be achieved by the EV pump delivering 600A of current, which is 15x industry standard, while managing individual cell characteristics, including thermals, to ensure safety, long battery life, and performance consistency even at 50 degrees Celsius.
Founded in 2020 by former Ather Energy executives Arun Vinayak and Sanjay Byalal, the startup claims that it has built a battery pack and charging station called the E-pack and E-pump that together can unlock 15-minute rapid charging for EVs. The battery pack utilizes regular lithium-ion cells while maintaining a cycle count of 3,000. According to the company, this is made possible by their proprietary battery management system and charging algorithms, layered on top of their unique E-pack design.
Previously, Exponent Energy had raised $5 million in its Pre-Series A round from prominent investors such as Motherson Group, a leading global supplier of automotive components, YourNest VC, 3one4 Capital, and AdvantEdge VC.