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Exponent Energy raises $26.4M in series B led by Eight Roads and TDK Ventures

The Bengaluru-based energy-tech startup Exponent Energy, known for its 15-minute rapid charging and a 3000-cycle life warranty for electric vehicles (EVs), secures $26.4 million in a Series B funding round. Eight Roads Ventures leads the round, joined by TDK Ventures in their first investment in India’s EV sector. The funding includes contributions from two new global investors and existing backers such as Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp.

The 3-year-old startup has raised $44.4 Million in total so far. The newly secured capital will empower Exponent Energy to extend its operations to five additional cities by the conclusion of the fiscal year 2024. The company aims to bolster its presence in the electric three-wheeler (e3W) sector and venture into the intercity electric bus segment in 2024. By 2025, Exponent aims to deploy 1,000 e^pumps (charging stations) and support 25,000 electric vehicles utilizing its technology.

Commenting on the investment, 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. As our first investment in the electric vehicle sector in India, we’re very excited to partner with Arun, Sanjay, and the entire Exponent team, as they build one of the largest full-stack energy platforms in the country.”

Sharing insights on the investment, Nicolas Sauvage, President of TDK Ventures, said, “I was impressed by Arun and his talented team when I met them in their office in Bengaluru earlier this year. Exponent’s groundbreaking 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. We share the vision of expanding rapid charging accessibility at a reasonable cost, making electric mobility an option for everyone. This collaboration represents an exciting stride toward a more sustainable and electrified future.”

Speaking about the fundraising, Arun Vinayak, Co-founder & CEO, Exponent Energy, said,” We’re excited to welcome Eight Roads & TDK to our cap table and grateful to all our existing investors who’ve supported us since Exponent’s inception. The last 3 years were an incredible journey of building world-class tech, achieving product market, and unlocking freedom & flexibility for our customers in logistics. With this round, we’re set to scale operations from battery manufacturing to on-ground network presence across categories & cities, and simplify the broken energy ecosystem at scale!”

Exponent Energy’s proprietary energy stack includes the e^pack (battery pack), e^pump (charging station), and e^plug (charging connector), enabling a rapid 0%-100% charge in 15 minutes for EVs and offering a 3000-cycle life warranty using standard Li-ion cells. The company collaborates with original equipment manufacturers (OEMs) to integrate its technology and establishes a network of e^pumps for end users in logistics to charge their Exponent-powered EVs.

Also read: Montra Electric and Exponent Energy partner for 15-minute rapid charging e-3W.

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