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Exponent Energy raises $13 million in latest funding round

Exponent Energy raises $13 million in latest funding round
Written by bobby
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Exponent Energy

Exponent Energy has announced raising $13 million in a Series-A funding round led by Lightspeed.

Exponent Energy has announced raising $13 million in a Series-A funding round led by Lightspeed. The company said that the newly raised funding will be used to scale up the electric charging station network to 100 location points per city, starting with Bengaluru. Moreover, the funding will further also be utilised for streamlining e-pack production.

In the recent past, Exponent Energy announced its partnership with Altigreen to make rapid charging for accessible for electric commercial vehicles in India. The company also revealed a new electric three-wheeler called NeEV HD with claimed world’s fastest charging in just 15 mins (from 0-100% charge). This three-wheeler features a battery pack with LFP cell chemistry. Customer deliveries of Exponent Enabled NeEV HD will begin from October 2022, says the company.

Also Read: Top 5 upcoming electric cars in India

“We’ve really enjoyed thinking aloud with the Lightspeed team in all conversations leading up to the investment. We believe we have a great partner in them as we simplify energy for EVs – for an all-electric future. Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we’ll scale up our production and network presence to 100 e^pump location points per city to deliver freedom & flexibility to our customers. This funding now allows us to execute even faster and make 15-min rapid charging the new normal,” said Arun Vinayak, Co-founder & CEO, Exponent Energy.

Meanwhile, the company has previously also raised $6 million in seed and pre-Series-A rounds from prominent investors including Pawan Munjal, Chairman, and CEO, Hero MotoCorp (World’s largest two-wheeler manufacturer), Motherson Group, and others.

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bobby

Hi, I am Bobby. Blogger India. I love writing, and reading articles. Blogging is my passion. I have started my blogging career in 2016.

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