Exponent Energy, a Bengaluru-based EV startup, is gearing up to launch its first integrated facility in Bengaluru’s Electronic City, which will have a 1 GW battery manufacturing facility as well a dedicated research and development lab, marking a significant step in its expansion efforts.
The firm is planning to open the facility in the next two months.
“This new hub which is called as 'e-Park' will combine battery pack manufacturing and R&D, with a production capacity of 1 GW of energy. Currently operating from Attibele, the facility marks a significant step in scaling our operations,” Exponent co-founder Arun Vinayak said.
The announcement comes a year after the firm raised around $26 million in a Series B funding round led by Eight Roads Ventures and TDK Ventures. The round also saw participation from Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC and the family office of Pawan Munjal, executive chairman, Hero MotoCorp.
“This is the first time that any player is doing for battery tech, this is a one lakh square feet facility and we will have R&D and manufacturing in the same place," he added.
Founded in 2020 by former Ather Energy executives Vinayak and Sanjay Byalal, Exponent Energy is known for its groundbreaking technology that charges EVs from 0 to 100 percent in just 15 minutes. The facility aims to drive innovation and support the growing demand for fast, reliable EV charging solutions.
Explaining the reason for picking Karnataka, Vinayak said battery technology manufacturing relies more on technical expertise and skilled talent rather than being labour-intensive or requiring extensive space.
The EV charging firm partners with OEMs and Fleet partnership to integrate its e-pack to create a rapid charging variant and sets up a network of e-pumps for end users operating in logistics to charge their Exponent-powered EVs. The company has tie-ups with firms such as Murugappa Group and AltiGreen.
The startup has raised $44.4 million in funding, so far, and plans to use the fresh funds to expand to five new cities — Delhi, Hyderabad, Chennai, Mumbai and Ahmedabad by the end of FY25.
“Our runway for cash is quite good, we are not looking to raise funds anytime soon now, We had our last fundraise in December last year and we are doing well,” Vinayak added.
It aims to deploy 1,000 e-pumps (charging stations) and have 25,000 EVs powered by Exponent by 2025, Vinayak said.
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