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Exponent Energy Secures $26M in Series B to Accelerate Electric Vehicle Adoption

December 15, 2023
5 mins

We’re delighted to share that Exponent Energy has raised $26 Million in a Series B round from Eight Roads Ventures, TDK Ventures, and 3one4 Capital, with participation from other existing investors.

Exponent Energy is a full-stack energy company dedicated to advancing rapid charging solutions for electric vehicles (EVs). The company employs a unique battery pack design, a bespoke battery management system, and an innovative HVAC system to prevent the cells from overheating during rapid charging. This results in a battery pack that deteriorates at half the industry average over 3,000 rapid charging cycles. Exponent’s tech stack represents a significant leap in the field of EV charging, delivering a world-beating 0-100% charge in 15 minutes.

With a strategic focus on original equipment manufacturers (OEMs), the company develops charging solutions aligned with India's goal of scalable electrification. Exponent tackles range anxiety and circumvents the charging infrastructure limitations to accelerate the adoption of EVs in its mission to reshape mobility.

Exponent Energy’s Strategic Expansion

Collaborating with Altigreen, Exponent introduced the world's fastest-charging three-wheeler, the neEV Tez, emphasising reliability and extended warranties. Together with Park+, they're turning parking lots into fast-charging hubs with 1000 ‘Park+ EV Zones powered by Exponent’. Their collaborations with Fyn Mobility, Alt Mobility, and Montra Electric offer rapid-charging solutions, affordable ownership, and zero-compromise mobility options. These partnerships showcase Exponent's commitment to not just developing cutting-edge EV technology but also building a collaborative ecosystem that drives faster adoption.

Exponent's meteoric rise in the past year, culminating in inclusions in LinkedIn's Top 20 Startups, the Forbes Asia 100 to Watch, and the APAC Cleantech 25 Report, testifies to the disruptive potential of their innovations and their transformative impact on the EV industry.

With the new capital infusion, Exponent Energy is set to expand its footprint to five new cities —Delhi, Hyderabad, Chennai, Mumbai, and Ahmedabad— by the end of FY 2024. The company also plans to enhance its presence in the electric three-wheeler (e3W) sector and foray into the intercity electric bus segment in 2024. By 2025, Exponent aims to deploy 1,000 e^pumps (charging stations) and have 25,000 electric vehicles powered by its technology.

3one4 Capital's Commitment to Green Mobility

In the global race to achieve net-zero CO2 emissions by 2050, the transportation sector, responsible for 24% of direct CO2 emissions from fuel combustion, emerges as a critical focus area. India, contributing 13.5% of energy-related CO2 emissions in this sector, actively pursues policies and investments towards a greener energy future. However, the electrification of commercial vehicles, a key aspect of this transition, is hampered by inadequate charging infrastructure and lengthy charging times, posing a significant challenge to improving vehicle operational efficiency.

Exponent tackles these issues through a transformative "recharge like you refuel" experience. Exponent's programmable energy stack, adaptable to various cell types and capacities, complemented by a rapid charging system, addresses the core issues of battery life, decreases the reliance on fossil fuels and lowers emissions. This approach aligns with the immediate needs and operational realities of commercial vehicle owners in emerging markets.

The founding team of Exponent, Arun Vinayak and Sanjay Byalal Jagannath bring their extensive experience from Ather to the fore, focusing on pragmatic and rapid product development. Their vision and execution pace distinguish Exponent, positioning them towards market leadership.  

As India’s first VC PRI signatory, 3one4 Capital continues to nurture its commitment to ESG-aligned tech businesses. As Exponent accelerates the electric vehicle adoption in India across form factors and geographies, 3one4 Capital is thrilled to continue its journey with Arun and Sanjay working towards an Exponent-enabled future.

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