Energy-tech start-up Exponent Energy secures $26 million in a series B funding

• The round included a strategic investment from TDK Ventures, their first foray into India’s EV sector.
  
• The Bengaluru-based startup plans to leverage the new funds to expand its presence into five additional cities by FY24.
  
• The company says it aims to diversify its offerings in the e3W domain and break into the intercity e-bus segment by 2024.
  

Exponent Energy, an innovative energy-tech startup working at 15-minute fast charging and introducing a 3000-cycle life warranty for electric vehicles, has secured $26.4 million in a series B funding round led by Eight Roads Ventures.

This round includes a strategic investment from TDK Ventures, their first foray into India’s EV sector. Existing investors such as Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and Dr. Pawan Munjal's family office, Executive Chairman of Hero MotoCorp, also participated in this round.

Having accumulated a total of $44.4 million in its three years of operation, the Bengaluru-based startup plans to leverage the new funds to expand its presence into five additional cities by FY 2024.

The company aims to diversify its offerings in the e3W domain and break into the intercity e-bus segment by 2024. Their ambitious target involves deploying 1,000 e^pumps (charging stations) and facilitating 25,000 Exponent-powered EVs by 2025.

Says Arun Vinayak, Co-founder & CEO, Exponent Energy,” 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."

Says Nicolas Sauvage, President, TDK Ventures said, “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.”

Under the leadership of Arun Vinayak and Sanjay Byalal, Exponent Energy aims to streamline energy solutions for electric vehicles. The company has developed an innovative suite of products: the e^pack battery pack, the e^pump charging station, and the e^plug charging connector.

Together, these technologies enable EVs of any wheel count to achieve a full charge from 0 to 100% within just 15 minutes. Moreover, they offer a 3000-cycle life warranty, all achieved by utilizing standard Li-ion cells. This approach ensures that rapid charging remains cost-effective and scalable.

Charging remains a significant challenge for EVs due to limited infrastructure and longer charging times. Startups are tackling this by innovating rapid charging solutions, leveraging advanced battery technologies, and developing networks of fast-charging stations. Their focus on enhancing charging speed, convenience, and expanding charging infrastructure aims to alleviate range anxiety and accelerate the adoption of electric vehicles.