Electrification is on the Indian sustainable development agenda, with current plans to generate one million more electric vehicle (EV) sales by the end of 2022. Without the necessary charging infrastructure, are consumers likely to support the nationwide shift to e-mobility?
Exponent Energy is doing its part to develop new, fast solutions for EV charging to ensure that infrastructure is available at the consumer’s convenience. The company’s plan is to drive change and ensure that India is able to switch to electric mobility.
Changing the speed that electric vehicles charge
Fast charging is the ideal solution for convenience and mitigating range anxiety. More importantly, drivers need to know that there are solutions available wherever they go. This means that “15-min rapid charging is a two-sided problem,” says Arun Vinayak, Co-Founder and CEO, Exponent Energy.
“It’s not just the battery but also the charger. The e^pump delivers 600A of current to the e^pack (15x industry standard) while managing individual cell characteristics including thermals to ensure safety, long battery life and performance consistency even at 50 degrees Celsius. Since our technology is present on both sides, we’re able to manage the flow of energy far more efficiently, safely and rapidly.”
The business models that Exponent Energy operates by targets original equipment manufacturers (OEMs) offering fleet services and creates the ideal battery product to be integrated into their commercial vehicles and compatible with its charging solutions.
The company’s first partnership was with Altigreen, an organisation offering electric cargo vehicles, and involved the development and launch of the Altigreen neEV HD, a Exponent-enabled three-wheeled EV—similar to a Tuc Tuc—which is built to reduce logistics costs, allow businesses to save money on vehicle purchases, and minimises running cost to 0.82 rupees per kilometre (less than 0.01).
The company requires funding to make its vision a reality and, as such, Lightspeed led its Series A funding round, which resulted in participation from YourNest VC, 3one4 Capital and AdvantEdge VC. The investment from the round will be spent on developing e^pumps for 100 locations, from Bengaluru to New Delhi. Further to this, the company is working with Altigreen to launch 2,000 electric vehicles.
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