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EV charging startup Exponent Energy announced that it has raised $13 million in a Series A funding round. The company aims to utilise the funds in scaling up the EV charging network in India, starting with 100 location points in Bengaluru, and scaling up to other cities.
The funding round was led by Lightspeed along with the participation of all existing institutional investors such as YourNest VC, 3one4 Capital and AdvantEdge VC.
Founded in 2020 by former Ather Energy executives Sanjay Byalal Jagannath and Arun Vinyak, Exponent Energy seeks to simplify energy for electric vehicles. Exponent Energy has created a battery pack and charging station called ‘e^pack’ and ‘e^pump’ that together unlock a 15-minute rapid charge from 0 to 100% battery charge with numerous vehicles.
With the use of regular Li-ion cells that make rapid charging scalable and affordable, the startup is providing a 3000 cycle life warranty.
In August 2022, Exponent Energy partnered with Altigreen to unveil the world’s fastest charging three-wheeler electric vehicle with the capacity to charge from 0 to 100% within 15 minutes. The speed is achieved with e^pack on Altigreen neEV HD, which is built using regular LFP cell chemistry.
Exponent Energy has previously raised $6 million in Seed and Pre-Series A round from the family office of Dr Pawan Munjal, chairman and CEO, Hero MotoCorp and Motherson Group.
The company says the deliveries of Exponent Enabled NeEV HD will begin for customers from October 2022 with a deployment of 2,000 vehicles.