Indian EV Charging Startup Exponent Eyes Funding to Develop Speedy Enterprise

Exponent Energy, an Indian fast charging startup, is in talks with new and current traders to lift cash to broaden its vitality companies enterprise to three-wheeled passenger automobiles and buses, its chief government instructed Reuters in an interview. 

The maker of electrical automobile batteries that may be totally charged in quarter-hour utilizing its fast charger, expects to shut the spherical by finish of 2023, its Chief Executive Arun Vinayak mentioned.

He declined to present particulars of the quantity however mentioned it will be greater than the $13 million (almost Rs. 107 crore) Exponent raised final yr from traders together with enterprise capital agency Lightspeed Venture Partners.

India needs to impress its street transport together with buses, industrial automobiles, vehicles and scooters in an effort to cut back air pollution and minimize gas imports. Meanwhile, clear supply fleets assist e-commerce and shopper items firms meet their very own emission targets.

This is giving a lift to Indian startups, equivalent to Exponent, which at present makes electrical automobile batteries and gives a community of quick chargers for cargo firm Altigreen, with its batteries now fitted in over 200 three-wheeled cargo automobiles.

Exponent has an order guide for an additional 400 cargo automobiles and 30 buses, Vinayak mentioned. 

By the tip of 2025 it expects to energy a complete of 25,000 automobiles and turn into worthwhile with revenues of round Rs. 6 billion, he added. 

Exponent’s 15-minute charging means automobiles will be fitted with a smaller battery — the most costly part — making the EVs cheaper and extra accessible, Vinayak mentioned. It additionally makes the charging enterprise extra viable due to sooner turnaround occasions. Altigreen’s three-wheelers have a spread of 70 to 95km on a single battery cost, he mentioned.

“Because the battery is almost 30 percent smaller, the vehicle price comes down significantly. That’s the one big advantage,” he mentioned.

Exponent makes use of water-based know-how to chill the battery whereas charging which prevents overheating.

© Thomson Reuters 2023