Exponent Energy raises Series A round of $13 million led by Lightspeed
The funds will be used to scale up the e^pump network, streamline its e^pack production and deliver more Exponent-enabled EVs
EV Rapid Charging startupsaid that it has raised $13 million in a Series A funding round led by Lightspeed. Existing investors YourNest VC, 3one4 Capital & AdvantEdge VC also participated in the round.
Funds from the raise will be utilised to scale up its e^pump network to 100 location points per city, starting with Bengaluru; streamline e^pack production; and deliver more Exponent enabled EVs. Exponent developed the e^pump and e^pack, its proprietary charger and battery pack, that together unlock a 15-min rapid charge for 0 to 100% battery charge.
"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," said Arun Vinayak, Co-founder & CEO, Exponent Energy.
"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 & flexibility to our customers. This funding now allows us to execute even faster and make 15-min rapid charging the new normal,” he adds.
Earlier this month, Exponent Energy partnered withto make rapid charging a reality for electric commercial vehicles (eCVs) on Indian roads. They unveiled the world’s fastest charging electric 3-wheeler that rapidly charges from 0-100% within 15 minutes. Exponent’s e^pack on the Altigreen neEV HD is uniquely built using regular LFP cell chemistry, making it the first rapid charging solution that’s affordable and scalable. Customer deliveries of Exponent Enabled NeEV HD will begin from October 2022.
“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. We are confident that the technology is a real breakthrough, allowing EVs to become ubiquitous.” said Harsha Kumar, Partner at Lightspeed said on the investment.
Exponent Energy raised $6 million in Seed and Pre-Series A round from prominent investors such as the family office of Dr. Pawan Munjal, Chairman, and CEO, Hero MotoCorp (World’s largest two-wheeler manufacturer), Motherson Group, a leading global supplier of automotive components along with YourNest VC, 3one4 Capital, AdvantEdge VC and a few angel investors.
Edited by Akanksha Sarma