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Exponent Energy raises $13 million to scale up its fast-charging stations across the country

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Indian EV startup Exponent Energywho claims to have developed a battery that goes from zero to 100 percent in just 15 minutes, raised $13 million on Wednesday led by a top VC firm Speed ​​of light.

Bengaluru-based Exponent developed the epump and epack, its proprietary charger and battery pack, which together unlock a 15 minute quick charge for a 0 to 100 percent battery charge

The startup said the new funds will be used to scale up its EV network to 100 location points per city, starting with Bengaluru.

All existing institutional investors, YourNest VC, 3one4 Capital and AdvantEdge VC, also participated in the latest funding round.

“With their drive and innovation, this team has rapidly made EV batteries possible in just 15 minutes. We believe the technology is a real breakthrough, making EVs ubiquitous,” said Harsha Kumar, Partner, Lightspeed.

Earlier this month, Exponent Energy partnered with Altigreen Propulsion Labs to enable fast charging for eCVs on Indian roads.

They unveiled the world’s fastest charging electric tricycle aneEV HD, which charges from 0-100 percent in 15 minutes.

Customer deliveries from Exponent Enabled NoEV HD will launch from October, the startup said.

“Our technology is already delivering a seamless charging experience, and with our vehicle partnership we will expand our manufacturing and network presence,” said Arun Vinayak, co-founder and CEO of Exponent Energy.

Exponent Energy previously raised $6 million in Seed and Pre-Series A rounds from investors such as Dr Pawan Munjal’s family office, Chairman and CEO, Hero MotoCorp, Motherson Group, along with YourNest VC, 3one4 Capital, AdvantEdge VC and others .


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