Exponent Energy, an energy-tech startup backed by investors like Hero MotoCorp’s Chairman, and CEO, Dr. Pawan Munjal’s family office, Motherson Group and Lightspeed India on Monday unveiled the technology behind its 15-minute rapid charging solution for the EV (electric vehicle) industry.
Led by former Ather Energy employees Arun Vinayak and Sanjay Byalal, Exponent Energy aims to simplify energy for EVs. Exponent showcased its proprietary energy stack – battery pack (e^pack), charging station (e^pump) and charging connector (e^plug). These together unlock a 15-minute rapid charge, and long battery life (3000 cycle life warranty, 3 times the industry standard). The company said this is done on regular LFP (Lithium iron phosphate) cells for the first time in history.
Rapid charging kills range anxiety and the need for expensive, oversized battery packs. With this unique two-sided approach, EVs powered by Exponent will be 30 per cent more affordable. This is also made possible by an optimised battery capacity (30 per cent smaller), and 5-year financing (powered by 3000 cycle life warranty). Additionally, 15-minute rapid charging reduces EV charging cost by 33 per cent.
“For everyone to go electric, consumers need EVs that charge faster, last longer, and cost lesser,” said Arun Vinayak, CEO and Co-founder, Exponent Energy. “Our unique two-sided approach to 15-minute rapid charging makes EVs last 3 times longer and cost 30 per cent less than conventional EVs.”
Exponent’s energy stack addresses two key problems that, for decades, prevented rapid charging on LFP cells – Lithium plating and extreme heat.
Vinayak said the company is looking to expand its operations in five more cities – Delhi NCR, Mumbai, Hyderabad, Chennai and Ahmedabad by the end of FY ’24. It is targeting to deploy 1,000 e^pumps and 25,000 EVs powered by Exponent, by 2025.
In the last 3 months, Exponent has completed over 25,000 rapid charging sessions, and covered over 10,00,000 km with over 200 EVs powered by Exponent on the road in Bengaluru. The firm said its e^pump in Mahadevapura, Bengaluru did 41 charging sessions in a single day setting a new benchmark in the EV industry.
The firm has raised $18 million to date from investors. The firm is planning to partner with various OEMs (original equipment manufacturers) to provide its technology and products.
In the past year, Exponent partnered with Altigreen, resulting in the successful launch of the first EV powered by Exponent – the neEV Tez. Exponent aims to deepen their presence in the 3-wheeler cargo and passenger vehicle market and also explore new vehicle categories.