In the midst of the global pandemic in 2020, when the world faced unprecedented challenges, Arun Vinayak saw an opportunity to drive change in the electric mobility sector. Exiting his role at Ather Energy, the premium electric bike maker he co-founded, Vinayak embarked on a new venture to tackle a pressing issue in the electric vehicle (EV) ecosystem: the need for rapid and efficient energy solutions for commercial electric vehicles. This vision led to the birth of Exponent Energy, a startup dedicated to creating a fast-charging ecosystem for electric three-wheelers.
The Genesis of Exponent Energy
Vinayak’s departure from Ather Energy was not a retreat but a strategic shift. “I realized my job at Ather was done. The products we built were ready to scale. I decided we need to double down on the energy problem statement. We realized commercial vehicles need this solution,” Vinayak reflects. His insight into the market’s needs and his determination to address them led him to co-found Exponent Energy, a company with a clear mission: to revolutionize the way electric three-wheelers are powered.
The Innovative Approach to Fast Charging
Exponent Energy’s core innovation lies in its fast-charging battery packs, designed specifically for electric three-wheelers. These battery packs can be rapidly charged within just 15 minutes, significantly reducing downtime for commercial operators. Vinayak explains, “Our dollar per kilowatt-hour pricing for battery packs is 10% more because we provide rapid charging. However, we use a 30% smaller battery. When you do that entire math, the sticker price comes down and we end up being a little cheaper.” This innovative approach not only enhances the efficiency of the charging process but also makes the overall cost of ownership more affordable.
Strategic Partnerships and Market Expansion
In its three years of operation, Exponent Energy has made notable strides. The company launched its first electric cargo three-wheeler in collaboration with Altigreen last year, marking a significant milestone. This was followed by a partnership with Omega Seiki Mobility in April, leading to the introduction of a passenger three-wheeler priced at ₹3.25 lakh. Vinayak is optimistic about the future, stating, “With passenger vehicles, we are going to see a huge uptick in volumes.”
Exponent Energy’s growth strategy includes expanding its charging infrastructure. The startup is set to establish 40 charging stations in Delhi, enhancing accessibility for electric vehicle users. Additionally, the company plans to extend its battery technology to electric buses within the year, further broadening its impact on the electric mobility landscape.
Beyond Battery Supply: Creating an Energy Ecosystem
Exponent Energy positions itself not merely as a battery supplier but as an energy partner. Vinayak emphasizes, “We are not just a battery supplier. We are an energy partner. We work with OEMs to create a demand ecosystem.” This holistic approach is reflected in their operational model, where Exponent Energy’s charging stations cater to 20-30 vehicles daily. The company charges ₹16 per unit to end users while managing a cost of ₹6-7 per unit for electricity. Each charging station requires an investment of ₹5 lakh, showcasing Exponent Energy’s commitment to infrastructure development.
Financial Backing and Future Prospects
The startup has garnered significant support from investors, raising $44 million to date, including backing from TDK Ventures. This financial backing underscores the confidence in Exponent Energy’s potential to lead the charge in transforming electric vehicle infrastructure.
As Exponent Energy continues to innovate and expand, it stands at the forefront of a pivotal shift in the electric mobility sector. By addressing the energy needs of commercial electric vehicles and establishing a robust charging ecosystem, Vinayak and his team are not just advancing technology but also paving the way for a more sustainable and efficient future in transportation.
With a clear vision and a commitment to both innovation and collaboration, Exponent Energy is set to make a lasting impact on the electric vehicle landscape, driving forward the adoption of clean and rapid charging solutions.
