Having electrical autos on the street is just not sufficient, and there’s a want for know-how that focusses on quick and environment friendly charging of these EVs. That is the place Exponent Vitality, an EV upstart, is available in. Exponent has introduced a brand new $13Mn spherical, for its quick charging battery tech that may unlock a 0 to100% speedy cost inside quarter-hour, whereas additionally enhancing charging cycles.
The Collection A funding spherical was led by Lightspeed and included the participation of all of its current institutional traders, together with YourNest VC, 3one4 Capital and AdvantEdge VC. This additionally marks the primary funding by Lightspeed in India’s EV sector.
“Our know-how already delivers a seamless charging expertise, and with our automobile partnership in place, we’ll scale-up our manufacturing and community presence…This funding now permits us to execute even sooner and make 15-min speedy charging the brand new regular,” mentioned Arun Vinayak, co-founder and CEO, Exponent Vitality.
Exponent plans to make use of the proceeds from the funding spherical in the direction of scaling up its e^pump community to 100 location factors per metropolis, beginning with Bengaluru. Funds may even be utilized in the direction of streamlining the manufacturing of e^packs, and rolling out extra exponent-enabled EVs on the street. e^pump and e^packs are the startup’s proprietary charging station and battery pack options respectively, that collectively unlock a 0 to 100% speedy cost inside quarter-hour for EVs with any variety of wheels, whereas additionally offering a 3000 cycle life guarantee – all whereas utilizing common Li-ion cells to make speedy charging inexpensive and scalable.
“In Lightspeed, we’ve discovered an amazing accomplice as we construct the way forward for power. Harsha Kumar & Romit Mehta resonated with our two-sided method (battery & charger) to simplifying power for EVs and we’re humbled by their belief within the group’s capability and the tech’s potential,” the startup wrote in a LinkedIn publish.
This recent bout of funding comes quickly after the startup introduced its partnership with EV OEM Altigreen Propulsion Labs to arrange charging stations for electrical business autos throughout the nation.
Out of that partnership was born what Exponent Vitality known as the “world’s fastest-charging electrical three-wheeler.” One other fruit of the partnership was Exponent’s e^pack on the Altigreen neEV HD, which can roll out for deliveries from October and is a scalable and inexpensive speedy charging resolution.
With Vinayak and Sanjay Byalal on the helm, the two-year-old Exponent Vitality focusses on simplifying power for EVs to the stream of power and knowledge between the grid and automobile.
Earlier than the present spherical of funding, Exponent Vitality had reined in $6 million in seed and pre-Collection A rounds from the household workplace of Dr. Pawan Munjal, Chairman, and CEO, Hero MotoCorp, Motherson Group, together with YourNest VC, 3one4 Capital, AdvantEdge VC and different angel traders.