Exponent Energy, an Indian startup pioneering in rapid EV charging technology, has successfully secured $26.4 million in its Series B funding round.
- Investor Line Up: The investment was led by Eight Roads Ventures and included TDK Ventures‘ first strategic investment in India’s booming EV sector. Other key investors included Lightspeed, YourNest VC, AdvantEdge VC, 3one4 Capital, and Dr. Pawan Munjal, Executive Chairman at Hero MotoCorp.
- Funding Allocation: A total funding of $44.4 million, demonstrating strong investor confidence. Plans to expand to five additional cities by the 2024 financial year.
- Targets and Projections: Aim to foray into the intercity e-bus segment in 2024. Ambitious goal to establish 1,000 e-pumps (charging stations) and power 25,000 EVs by 2025.
With a strong emphasis on commercial vehicles, Exponent Energy’s unique energy stack includes a battery pack (e-pack), charging station (e-pump), and charging connector (e-plug). This proprietary technology enables EVs to achieve a full charge in just 15 minutes and offers an impressive warranty of 3,000 cycles using standard lithium-ion cells.
As the firm partners with OEMs to integrate its e-pack and establish a network of e-pumps, it is poised to revolutionize the logistics industry with its rapid charging solutions. Nicolas Sauvage, President, TDK Ventures, echoed this sentiment: “We share the vision of expanding rapid charging accessibility at a reasonable cost, making electric mobility an option for everyone. This collaboration represents an exciting stride toward a more sustainable and electrified future.”
