Energy-Tech Firm Exponent Energy Acquires $5 Million in Pre Series A Funding Round
Exponent Energy, a technology incubator focused on making energy for electric vehicles (EVs) acquired $5 million in a pre-Series A round of funding. The financing was headed by YourNest VC, an existing investor.
Other current investors, such as 3one4 Capital and AdvantEdge VC, increased their stakes in the latest round, which included Motherson Group, a leading global supplier of automotive components.
Exponent Energy, led by former Ather Energy CPO Arun Vinayak and his Ather Energy colleague Sanjay Byalal, intends to simplify energy for electric vehicles. In accordance with this, the business recently revealed the E-pack and E-pump, a battery pack and charging station that, when combined, allows for a 15-minute rapid charge and a 3000 cycle life warranty (a new industry standard) – all while using a variety of low-cost Li-ion cells.
Their own BMS and charging algorithms, stacked on top of their unique E-pack design, enable this.
The funds raised will be used to launch commercial operations and scale them across multiple cities beginning in early 2022, beginning with Bengaluru; hire across product and engineering teams to ensure their products enter production; build out a robust deployment team to ensure smooth operations; and double down on its software products to create a seamless customer experience.
Arun Vinayak, Co-founder and CEO, commented about the fundraise, “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.”
According to the founder, today's electric vehicles take anywhere from 4 to 8 hours to charge, with batteries lasting 1000 cycles, resulting in a broken energy environment.
Long charge periods result in low charging station usage, making charging stations unprofitable as a company and resulting in a network presence that is sparse. To address range anxiety, slow charging results in larger, unoptimized batteries, making the car bulky and expensive. Battery pack financing is skyrocketing due to the short battery life, putting additional strain on the end customer and stifling EV adoption.
When it comes to the company's vision, Arun says, “for nearly a decade, stakeholders have come together to solve the drivetrains of the EV ecosystem, getting the 0-1 shift done and dusted for EV adoption. However, to unlock scale, the 1-100 journey needs energy partnerships crafted in a way that creates a win-win-win scenario for the consumer, the vehicle manufacturer, and the charging station partner. At Exponent, we are creating that deeper impact for everyone to scale exponentially.”
Sunil Goyal, Managing Director of YourNest VC, undelined, "wide-scale adoption of EVs will be limited due to the prolonged charging hours and restricted charging infrastructure. Exponent Energy has developed the much-needed proprietary rapid charging battery and infrastructure technology to provide a seamless and rapid charging experience of ‘recharge like you refuel’. With this round of investment, the company plans to enter and become a dominant player in the market to make our world sustainable”.
Other current investors, such as 3one4 Capital and AdvantEdge VC, increased their stakes in the latest round, which included Motherson Group, a leading global supplier of automotive components.
Exponent Energy, led by former Ather Energy CPO Arun Vinayak and his Ather Energy colleague Sanjay Byalal, intends to simplify energy for electric vehicles. In accordance with this, the business recently revealed the E-pack and E-pump, a battery pack and charging station that, when combined, allows for a 15-minute rapid charge and a 3000 cycle life warranty (a new industry standard) – all while using a variety of low-cost Li-ion cells.
Their own BMS and charging algorithms, stacked on top of their unique E-pack design, enable this.
The funds raised will be used to launch commercial operations and scale them across multiple cities beginning in early 2022, beginning with Bengaluru; hire across product and engineering teams to ensure their products enter production; build out a robust deployment team to ensure smooth operations; and double down on its software products to create a seamless customer experience.
Arun Vinayak, Co-founder and CEO, commented about the fundraise, “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.”
According to the founder, today's electric vehicles take anywhere from 4 to 8 hours to charge, with batteries lasting 1000 cycles, resulting in a broken energy environment.
Long charge periods result in low charging station usage, making charging stations unprofitable as a company and resulting in a network presence that is sparse. To address range anxiety, slow charging results in larger, unoptimized batteries, making the car bulky and expensive. Battery pack financing is skyrocketing due to the short battery life, putting additional strain on the end customer and stifling EV adoption.
When it comes to the company's vision, Arun says, “for nearly a decade, stakeholders have come together to solve the drivetrains of the EV ecosystem, getting the 0-1 shift done and dusted for EV adoption. However, to unlock scale, the 1-100 journey needs energy partnerships crafted in a way that creates a win-win-win scenario for the consumer, the vehicle manufacturer, and the charging station partner. At Exponent, we are creating that deeper impact for everyone to scale exponentially.”
Sunil Goyal, Managing Director of YourNest VC, undelined, "wide-scale adoption of EVs will be limited due to the prolonged charging hours and restricted charging infrastructure. Exponent Energy has developed the much-needed proprietary rapid charging battery and infrastructure technology to provide a seamless and rapid charging experience of ‘recharge like you refuel’. With this round of investment, the company plans to enter and become a dominant player in the market to make our world sustainable”.
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