Exponent Energy raises $26.4 mn in funding led by Eight Roads Ventures for breakthrough 15-minute EV charging tech

Bangalore-based start-up Exponent Energy, which claims to have unlocked 15-minute rapid charging for EVs using regular Li-ion cells, has raised $26.4 million in a Series B funding round led by Eight Roads Ventures. The round also saw participation of TDK Ventures, the investment arm of TDK Corporation, a Japan-based electronics manufacturer. The deal marks the first investment in India’s electric vehicle sector for both London-headquartered Eight Roads Ventures and TDK Ventures.

Returning investors in the round include Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Pawan Munjal, Executive Chairman of Hero MotoCorp.

The three-year-old start-up has raised $44.4 million in total so far and plans to utilise the fresh funds to scale its presence to five new cities by FY24. The company also plans to expand its offering in the electric three-wheeler (E3W) space and enter the intercity e-bus segment in 2024. It aims to deploy 1,000 electric charging stations and power 25,000 EVs by 2025.

“Exponent’s focus on the Indian commercial vehicle space is a massive opportunity which constitutes 10 per cent of vehicles but consumes 70 per cent of the on-road energy, with more vehicles transitioning to electric over the next few years,” said Aditya Systla, Partner, Eight Roads Ventures.

As per the company, its proprietary energy stack - battery pack (e^pack), charging station (e^pump), and charging connector (e^plug) together unlock a 0-100 per cent rapid charge in 15 minutes for EVs and unlock a 3000-cycle life warranty using regular Li-ion cells. Exponent partners with OEMs to integrate its e^pack to create a rapid charging variant and sets up a network of e^pumps for end users operating in logistics to charge their Exponent-powered EVs

“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," said Nicolas Sauvage, President, TDK Ventures.