Exponent Energy raises $21.1 million to expand rapid EV charging network

Exponent Energy has raised $21.1 million in a funding round co-led by 360 ONE Asset and TDK Ventures, with participation from Hitachi Ventures, which made its first investment in India's energy sector through the transaction.

Existing investors, including Eight Roads Ventures, Lightspeed and 3one4 Capital, also participated in the round. With the latest funding, the Bengaluru-based electric mobility and energy company has raised a total of $65.7 million to date.

The fresh capital will be used to accelerate the company's next phase of growth as it expands its charging infrastructure, vehicle platform and financing solutions for commercial electric vehicles (EVs).

Founded by Arun Vinayak and his team in 2020, Exponent Energy has developed a proprietary energy stack designed to enable commercial EVs to charge from zero to 100% in 15 minutes while maintaining battery longevity. The company said its technology delivers a battery life warranty of up to 3,000 charging cycles using lithium iron phosphate (LFP) cells.

According to Exponent, its technology combines a proprietary battery management system, off-board thermal management, dynamic charging algorithms and a virtual cell model to reduce battery degradation during rapid charging. The company said independent testing by TUV India showed only 13% battery degradation after 3,000 charging cycles.

The company currently operates more than 162 charging stations across four cities and supports a fleet of over 2,000 commercial EVs. Exponent said it has completed more than 315,000 charging sessions, enabling over 9 million kilometres of commercial transportation.

Beyond charging infrastructure, the company has expanded into vehicle integration and financing. Its vehicle platform, Exponent OTO, is focused on supporting multiple commercial EV segments, including three-wheelers and light commercial vehicles.

Exponent has also launched Exponent ONE, a financing platform led by mobility and finance industry veteran Sandeep Divakaran. The platform uses vehicle usage and energy consumption data to assess creditworthiness and offer financing products tailored to commercial EV operators.

Investors said the company's integrated approach spanning energy, vehicles and financing differentiates it in the commercial EV ecosystem. They highlighted Exponent's ability to leverage operational data from its charging network and vehicle fleet to support financing and asset underwriting.