Exponent Energy has teamed up with Alt Mobility to lease 1,000 Altigreen neEV Tez electric three-wheelers, powered by Exponent Energy’s charging technology.
The Alt Mobility platform offers full-stack integrated fleet lifecycle management including leasing, insurance, and service management to maximize fleet uptime and lower operating costs to provide the lowest total cost of ownership for fleet partners.
Sharing thoughts on the partnership, Dev Arora, CEO and Co-founder, Alt Mobility said, “Alt has been at the forefront of underwriting EV technology and partnering with exceptional technology providers to co-create comprehensive leasing offerings with longer tenures and lowest monthly leases. Our data-driven asset underwriting, continuous fleet monitoring and management, is driven toward improving asset bankability and prolonging asset life with the ultimate objective to reduce the cost of financing and maximizing asset resale value.
Commenting on the partnership, Arun Vinayak, CEO and Co-founder, Exponent Energy said, “With competitive financing rates, and extended EMI tenures, we are making electric mobility accessible, financially viable, and convenient. Combining this with our breakthrough advancements in 15-minute EV charging, we are empowering individuals & businesses to unlock more revenue than ever before.”
To enable rapid adoption of EVs, Exponent has tackled significant obstacles to financer confidence arising from poor battery health data availability and earning potential stemming from low productivity of EVs due to long charging time.
This has resulted in 5-year financing (from the industry standard of 3 years) aiding in a 30 percent reduction in monthly EMIs.
In the past, the EV industry encountered numerous challenges, such as elevated vehicle costs due to large battery packs, and apprehensions regarding battery dependability and transparency in EV battery health data resulting in limited financing options.
By introducing smaller battery packs that reduced the price of the vehicle and providing complete transparency on battery life degradation for over 3000 cycles, Exponent Energy has instilled confidence in financers and potential EV owners alike.
Furthermore, the advancement of 15-minute full charging for EVs has significantly increased EV owners’ earning potential which helps mitigate the risk associated with lending for EVs, making it more attractive for financiers to offer competitive financing terms.
