Bangalore-based exponent energy may have come up with a way to deliver rapid charging for electric cars. The startup, which just raised $13 million, relies on a combination of its proprietary battery pack and charging infrastructure to achieve such a feat.
The business model of exponent energy is geared towards building commercial EV's. The company should work with the original equipment manufacturer to integrate the epack into its product so that it can be charged quickly. The exponent-enabled Altigreen neEV HD, a three-wheeler that both companies claim can be fully charged in 15 minutes, was launched earlier this month.
If the epack is being charged at a standard charging station, it will take about 60 minutes. The epumps don't deliver the same rapid charge to all cars. This is how exponent wants to make money. It will make money from the sale of the battery pack to the original equipment manufacturers and from the charging on a recurring basis according to the co-founder and CEO.
The business model of the Taiwanese company that integrates swappable batteries into their electric two-wheelers is similar to that of exponent.
From a technology perspective, it makes sense to include the battery pack and charging infrastructure as package deals.
The problem is a two-sided one. The battery is not the only thing that can be used. 600A of current is delivered to the epack by the epump and it is managed to ensure safety, long battery life and performance consistency even at 50 degrees Celsius. Since our technology is present on both sides, we are able to manage the flow of energy much more efficiently.
It will require funds to build out such a network. The round was led by Lightspeed with participation from YourNest VC, 3one4 Capital and AdvantEdge VC.
The epack isScalable across multiple form factors and is currently in the Engineering phase for partnerships in other segments, specifically three-wheeled passenger vehicles and four-wheeled cargo vehicles
"Our primary focus is commercial vehicles and our primary customer is anyone running a fleet from a single vehicle owner to an Aggregator of 1000s of vehicles." Commercial vehicles in India have higher energy use-age. 10% of vehicles consume 10% of our on- road energy. This is a very concentrated market for an energy company like us as the segment is already convinced of the benefits of electric vehicles. Adoption is hampered by the fact that slow charging can affect operations. Customers have to choose between large batteries with short life and expensive cars.
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