This EV startup gets $5 million pre-series A funding, to scale 15-min rapid charging network
- The company will use the funds raised to begin commercial operations
Exponent Energy, a technology startup into EV, today announced that it has secured $5 million in a pre-Series A round of funding. The company recently unveiled their battery pack & charging station called the e-pack and e-pump that together unlocks a 15-minute rapid charge and gives a 3000 cycle life warranty.
The company will use the funds raised to begin commercial operations & scale it across multiple cities starting with Bengaluru from early 2022; hire across product & engineering teams to ensure their products enter production, build out a robust deployment team for smooth operations & double down on its software products to create a seamless customer experience.
YourNest VC led the fresh round of funding; 3one4 Capital & AdvantEdge VC doubled down on their earlier investment as the new round witnessed the participation of Motherson Group, a leading global supplier of automotive components.
Co-founder & CEO, Arun Vinayak said, “We’re excited to deepen our partnership with our existing investors who’ve watched us build from scratch. Motherson coming on board adds immense value to scale with respect to OEM relationships & manufacturing partnerships. Given the demand witnessed for our rapid charging technology in the logistics space, we prioritized closing the Pre-Series A to enter the market by early 2022.”
EVs can take anywhere between 4 to 8 hours to charge with batteries that lasts nearly 1000 cycles, creating a broken energy ecosystem.
Long charge times lead to poor charging station utilization, making them unprofitable as a business, and leading to a scarce network presence. Slow charging leads to larger unoptimised batteries to combat range anxiety, making the vehicle bulky and expensive.
A short battery life drives battery pack financing skyhigh further adding pressure to the end consumer and hampering EV adoption.
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Business NewsAuto NewsThis EV startup gets $5 million pre-series A funding, to scale 15-min rapid charging network
First Published:8 Dec 2021, 03:02 PM IST
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