Exponent Energy has raised $26.4 million in a Series B round of funding, bringing the company’s total funding to $44.4 million.
Eight Roads Ventures led the Series B capital raise, which included a strategic investment from TDK Ventures, as well as participation from current investors Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and Dr. Pawan Munjal’s family office, Executive Chairman, Hero MotoCorp.
Exponent Energy plans to use the cash to extend its service in the e3W area and join the intercity e-bus segment by FY24.
By 2025, the company hopes to have 1,000 epumps (charging stations) and 25,000 EVs powered by Exponent.
Aditya Systla, Partner, Eight Roads Ventures said, “Exponent’s focus on the Indian commercial vehicle space is a massive opportunity which constitutes 10% of vehicles but consumes 70% of the on-road energy, with more vehicles transitioning to electric over the next few years.”
Nicolas Sauvage, President, TDK Ventures said, “Exponent’s 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.”
Arun Vinayak, Co-founder & CEO, Exponent Energy said, “With this round, we’re set to scale operations from battery manufacturing to on-ground network presence across categories and cities.”
The company has built a battery pack named e^pack; charging station called e^pump; and charging connector e^plug that together unlock a 0 to 100% charge in 15 minutes for EVs with any number of wheels & provide a 3000-cycle life warranty – all while using regular Li-ion cells to make rapid charging truly affordable and scalable.