Exponent Energy, a pioneering rapid charging startup based in India, is currently engaged in discussions with both new and existing investors to secure funding for the expansion of its energy services business to cater to three-wheeled passenger vehicles and buses, according to an interview with the company’s CEO conducted by Reuters.
As the creator of electric vehicle batteries that can be fully charged within a remarkable 15 minutes using their rapid charger, Exponent Energy aims to close the funding round by the end of 2023, shares its Chief Executive Officer, Arun Vinayak.
Although specifics about the fundraising amount are still undisclosed, Vinayak has confirmed that it will exceed the $13 million (approximately Rs. 107 crore) that Exponent Energy raised last year from various investors, including the prominent venture capital firm, Lightspeed Venture Partners.
India is keen on electrifying its road transport sector, encompassing buses, commercial vehicles, cars, and scooters, with the aim of minimizing pollution and decreasing dependence on fuel imports. Moreover, having eco-friendly delivery fleets supports e-commerce and consumer goods companies in achieving their emission targets.
These circumstances are providing significant opportunities for Indian startups like Exponent Energy. The company is currently manufacturing electric vehicle batteries and has established a network of fast chargers for Altigreen, a cargo company. Presently, Exponent’s batteries are fitted in more than 200 three-wheeled cargo vehicles.
Vinayak also mentioned that Exponent Energy has secured orders for an additional 400 cargo vehicles and 30 buses.
By the conclusion of 2025, Exponent Energy anticipates powering a grand total of 25,000 vehicles. Achieving profitability, the company aims to generate revenues of approximately Rs. 6 billion.
The company’s revolutionary 15-minute rapid charging capability enables vehicles to utilize smaller batteries, which significantly reduces costs and enhances accessibility for electric vehicles. Vinayak explains that this feature also contributes to the viability of the charging business due to the quick turnaround times. Altigreen’s three-wheelers can travel 70 to 95km on a single battery charge.
“The fact that the battery is nearly 30 percent smaller significantly reduces the price of the vehicle. That’s the major advantage,” Vinayak emphasized.
Exponent Energy implements water-based technology for cooling the battery during the charging process, effectively preventing overheating.
© Thomson Reuters 2023
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