Indian EV startup Exponent Energy, which claims to have developed a battery that gets powered from zero to 100 per cent in just 15-minutes, on Wednesday raised $13 million funds led by top VC firm Lightspeed.
Bengaluru-based Exponent has developed the epump and epack, its proprietary charger and battery pack, that together unlock a 15-min rapid charge for 0 to 100 per cent battery charge
The startup said that the new funds will be utilised 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.
“This team, with their drive and innovation, has made rapid EV battery charging possible in just 15 minutes. We are confident that the technology is a real breakthrough, allowing EVs to become ubiquitous,” said Harsha Kumar, Partner, Lightspeed.
Earlier this month, Exponent Energy partnered Altigreen Propulsion Labs to make rapid charging a reality for eCVs on Indian roads.
They unveiled the world’s fastest charging electric three-wheeler aneEV HD’ that charges from 0-100 per cent within 15 minutes.
Customer deliveries of Exponent Enabled NeEV HD will begin from October, said the startup.
“Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we’ll scale-up our production and network presence,” said Arun Vinayak, Co-founder & CEO, Exponent Energy.
Exponent Energy previously raised $6 million in Seed and Pre-Series A round from investors such as the family office of Dr Pawan Munjal, Chairman and CEO, Hero MotoCorp, Motherson Group, along with YourNest VC, 3one4 Capital, AdvantEdge VC and others.