Exponent Power, an energy-tech startup that’s unlocked 15-minute fast charging and a 3000-cycle life guarantee for EVs, has raised $26.4 Million in a collection B spherical led by Eight Roads Ventures, together with a strategic funding from TDK Ventures – marking their first funding in India’s EV sector. Together with two new world buyers, the spherical witnessed participation from all present buyers like Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the household workplace of Dr. Pawan Munjal, Government Chairman, Hero MotoCorp
The three-year-old Bengaluru-based startup has raised $44.4 Million in whole up to now and plans to utilise the recent funds to scale its presence to 5 new cities by FY’ 24. The corporate additionally plans to increase its providing within the e3W area and enter the intercity e-bus phase in 2024. It goals to deploy 1,000 e^pumps (charging stations) and have 25,000 EVs powered by Exponent by 2025.
Commenting on the funding, Aditya Systla, Associate, Eight Roads Ventures stated
“Exponent’s deal with the Indian industrial automobile area is an enormous alternative which constitutes 10% of autos however consumes 70% of the on-road vitality, with extra autos transitioning to electrical over the subsequent few years. As our first funding within the electrical automobile sector in India, we’re very excited to companion with Arun, Sanjay, and the whole Exponent crew, as they construct one of many largest full-stack vitality platforms within the nation.”
Sharing insights on the funding, Nicolas Sauvage, President, TDK Ventures stated, “I used to be impressed by Arun and his gifted crew after I met them of their workplace in Bengaluru earlier this yr. Exponent’s groundbreaking achievement in crafting a cheap and scalable 15-minute fast charging resolution using customary LFP cells is revolutionary, permitting electrical autos to undertake a extra compact battery pack that may swiftly cost inside a concentrated public charging infrastructure, successfully eradicating vary nervousness. We share the imaginative and prescient of increasing fast charging accessibility at an inexpensive value, making electrical mobility an choice for everybody. This collaboration represents an thrilling stride towards a extra sustainable and electrified future.”
Talking concerning the fundraising, Arun Vinayak, Co-founder & CEO, Exponent Power stated,
” We’re excited to welcome Eight Roads & TDK to our cap desk and grateful to all our present buyers who’ve supported us since Exponent’s inception. The final 3 years have been an unimaginable journey of constructing world-class tech, attaining product market, and unlocking freedom & flexibility for our clients in logistics. With this spherical, we’re set to scale operations from battery manufacturing to on-ground community presence throughout classes & cities, and simplify the damaged vitality ecosystem at scale!”
Exponent’s proprietary vitality stack – battery pack (e^pack), charging station (e^pump), and charging connector (e^plug) collectively unlock a 0%-100% fast cost, in quarter-hour for EVs and unlock a 3000-cycle life guarantee utilizing common Li-ion cells. Exponent companions with OEMs to combine its e^pack to create a fast charging variant and units up a community of e^pumps for finish customers working in logistics to seamlessly cost their Exponent-powered EVs.
To Watch video: Exponent Tech Explainer Video Hyperlink