Sensing the rising potential of the EV charging start-up, the family office of Pawan Munjal, chairman of Hero MotoCorp, has recently made an undisclosed amount of investment in Exponent Energy.
The Bengaluru-based company says that with this funding round, it can expand its charging stations across the city.
Exponent Energy is ramping up its battery pack production and setting up 100 charging stations across Bengaluru in its first leg.
Other cities will follow, says the company which also sealed a partnership in association with EV maker Altigreen Propulsion Labs to enable fast charging.
Both these companies intend to manufacture a commercial electric 3-wheeler which can be fully charged within 15 minutes. The Reliance New Energy-backed Altigreen is also ramping up its production facilities along with a distribution network.
“This partnership with Exponent will now make us the fastest charging 3-wheeler that offers flexibility and freedom to our customers and helps them earn even more,” Amitabh Saran, founder and chief executive officer of Altigreen said in a statement.
One of the main issues that commercial electric vehicles usually face is slow charging, which makes it difficult for companies to adopt them in their business.
Exponent Energy has said that the e-pump or charging network delivers 600A of power, which it claims is fifteen times faster than the industry standard.
“For all of India to go electric, EVs need to charge faster and last longer. Our e-pack and e-pump make this possible with 15-minute rapid charging and 3,000 cycle life warranty,” said Arun Vinayak, the CEO of Exponent Energy.
The 3-wheeler will be equipped with an 8.19kWh battery pack developed by Exponent Energy. The companies claim that the vehicle will offer a range of up to 85 km on a single charge.
The battery pack ensures long battery life and consistent performance even at 50-degree Celsius, the press release said.
