Friday, August 12, 2022

Pawan Munjal invests in EV charging company Exponent Energy

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  • The family office of Dr. Pawan Munjalthe chairman of Hero MotoCorp has invested an undisclosed amount in Exponent Energy.
  • Exponent Energy is an EV charging company that recently partnered with Altigreen Propulsion Labs.
  • The two companies have launched an electric tricycle that offers a range of up to 85 km and can be fully charged in just 15 minutes.

The family office of Dr. Pawan Munjal, the chairman of Hero MotoCorp, has invested an undisclosed amount in an EV charging company, Exponent Energy. The Bengaluru-based company says this funding round will allow it to expand its charging stations in the city.

Exponent Energy ramps up battery pack production and installs 100 charging stations around the world Bengaluru in his first leg. Other cities will follow, says the company, which has also partnered with EV maker Altigreen Propulsion Labs to enable fast charging.

Both companies plan to produce a commercial electric tricycle that can be fully charged within 15 minutes. Reliance New Energy-backed Altigreen is also expanding its manufacturing facilities and distribution network.

“This partnership with Exponent will now make us the fastest-charging tricycle offering flexibility and freedom to our customers and helping them earn even more,” said Dr. Amitabh Saran, founder and CEO of Altigreen in a statement.

One of the main problems that commercial electric vehicles usually face is slow charging, which makes it difficult for companies to adopt them in their business.

85 km on a single charge

The tricycle will be equipped with an 8.19 kWh battery pack developed by Exponent Energy. The companies claim the vehicle will offer a range of up to 85km on a single charge.

The battery pack ensures long battery life and consistent performance even at 50 degrees Celsius, the press release said. Exponent has said that the e^pump or charging network delivers 600A of power, which it says is 15 times faster than the industry standard.

“For all of India to go electric, electric vehicles need to charge faster and last longer. Our e^pack and e^pump make this possible with 15 minutes of fast charging and a 3000 cycle lifetime warranty,” said Arun Vinayak, CEO of Exponent Energy.


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