Exponent Energy Raises $13 Million In Series A Round Led by Lightspeed
Funds will be utilized to scale up the e^pump network to 100 location points per city starting with Bengaluru, streamline e^pack production and deliver more Exponent enabled EVs.
Exponent Energy on Wednesday announced to have raised $13 Million in Series A funding round led by Lightspeed, with all existing institutional investors such as YourNest VC, 3one4 Capital &AdvantEdge VC also participating. Funds will be utilized to scale up the e^pump network to 100 location points per city starting with Bengaluru, streamline e^pack production and deliver more Exponent enabled EVs.
"Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we'll scale-up our production and network presence to 100 e^pump location points per city to deliver freedom & flexibility to our customers. This funding now allows us to execute even faster and make 15-min rapid charging the new normal," said Arun Vinayak, co-founder and CEO, Exponent Energy.
"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. This team, with their drive and innovation, has made rapid EV battery charging possible in just 15 minutes," said Harsha Kumar, partner, Lightspeed
Earlier this month, Exponent Energy partnered with Altigreen to make rapid charging a reality for eCVs on Indian roads. They unveiled the world's fastest charging electric 3-wheeler that rapidly charges from 0-100 per cent within 15 minutes. Previously Exponent Energy has raised $6 million in seed and pre-Series A round from prominent investors such as the family office of Dr. Pawan Munjal, chairman and CEO, Hero MotoCorp, Motherson Group, YourNest VC, 3one4 Capital, AdvantEdge VC and a few angel investors.