The newage EV energy provider, Exponent Energy, has announced that it has raised $13 million in a Series A funding round led by Lightspeed, with all existing institutional investors, including YourNest VC, 3one4 Capital & AdvantEdge VC.
According to a press release from Exponent Energy, the amount raised will be utilised to scale up its ‘e^pump’ network to 100 location points per city, starting with Bengaluru, along with streamlining its ‘e^pack’ battery pack production.
Exponent Energy claims that its propitiatory ‘e^pump’ EV charger and ‘e^pack’ battery pack can together charge the battery from zero to 100% in 15 minutes.
Earlier, Exponent Energy has raised $6 million in Seed and Pre-Series A rounds from the family office of Dr Pawan Munjal, Chairman, and CEO, Hero MotoCorp, Motherson Group, along with YourNest VC, 3one4 Capital, AdvantEdge VC and a few angel investors.
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.”
Arun Vinayak, Co-founder and CEO, Exponent Energy, noted that the funding allows the company to execute even faster and make 15-min rapid charging the new normal.”
Earlier this month, Exponent Energy also partnered with Altigreen to unveil an electric 3-wheeler with Exponent’s e^pack and Altigreen neEV HD LFP cell chemistry, allowing the vehicle to charge from 0-100% within 15 minutes, the release added.