Exponent Energy has unveiled the tech behind its 15-minute rapid charging solution for the EV industry. It showcased its proprietary energy stack - battery pack (e^pack), charging station (e^pump) and charging connector (e^plug) that together unlock a 15-minute rapid charge and long battery life (3,000 cycle life warranty), all done on regular LFP cells.
Further, it claims that EVs powered by the same will be 30% more affordable, made possible by an optimised battery capacity (30% smaller) and 5-year financing (powered by a 3,000-cycle life warranty). Additionally, 15-minute rapid charging reduces EV charging costs by 33%.
The company’s approach was validated by an independent testing laboratory - TUV India (TUV Nord Group, Germany), that found only 13% degradation after 3,000 charging cycles of 15-minute rapid charging.
In the last three months, Exponent has completed over 25,000 rapid charging sessions, covering over one million km with 200+ EVs in Bengaluru.
The company is looking to expand its operations in five more cities - Delhi NCR, Mumbai, Hyderabad, Chennai and Ahmedabad by the end of FY24 and is targeting to deploy 1,000 e^pumps and 25,000 EVs powered by Exponent by 2025.
Arun Vinayak, CEO and Co-founder, Exponent Energy, said, “At Exponent, we’re building the future of energy that combines cutting-edge engineering with real-world economics, and our off-board thermal management system is a testament to that belief.”
The startup is backed by key investors like Lightspeed India, YourNest VC, 3one4 Capital, AdvantEdge VC, Hero MotoCorp's Chairman and CEO, Dr Pawan Munjal’s family office, Motherson Group, and has raised $18 million to date.