Bengaluru-based energy start-up Exponent Energy has raised $13 million (Rs 102 crore) in a Series A funding round led by Lightspeed, with all existing institutional investors such as YourNest VC, 3one4 Capital & AdvantEdge VC also participating.
The new funding will be utilised to scale up the e^pump network to 100 location points per city, starting with Bengaluru; streamline e^pack production; and deliver more Exponent-enabled EVs.
It maybe recollected that it was just at the start of the month, Exponent Energy announced its first partnership with Altigreen and also attracted investment from Hero MotoCorp’s Pawan Munjal.
The partners unveiled what is claimed to be the world’s fastest charging electric three-wheeler that can be charged from zero to 100% within 15 minutes. The deliveries of the Exponent-enabled Altigreen’s NeEV HD electric three-wheeler will begin from October.
Harsha Kumar, Partner, Lightspeed said, “The need for enhancing EV battery performance, sustainability and most of all access and affordability has never been more pressing and so we are delighted to partner with Exponent to simplify energy for EVs. This team, with their drive and innovation, has made rapid EV battery charging possible in just 15 minutes. We are confident that the technology is a real breakthrough, allowing EVs to become ubiquitous.”
Arun Vinayak, Co-founder & CEO, Exponent Energy said “We’ve really enjoyed thinking aloud with the Lightspeed team in all conversations leading up to the investment. We believe we have a great partner in them as we simplify energy for EVs – for an all-electric future. Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we’ll scale-up our production and network presence to 100 e^pump location points per city to deliver freedom & flexibility to our customers. This funding now allows us to execute even faster and make 15-min rapid charging the new normal.”