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Energy tech startup <keyword id="12291737" type="General" weightage="80" keywordseo="exponent-energy" source="Orion">Exponent Energy</keyword> is aiming to power 25,000 electric vehicles by 2025 as it displayed its proprietary energy stack comprising battery pack, charging station and charging connector in Bengaluru on Monday. The company, in a statement, said it is looking to expand its operations to <keyword id="674224" type="General" weightage="50" keywordseo="delhi-ncr" source="Orion">Delhi NCR</keyword>, <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword>, <keyword id="6354552" type="General" weightage="20" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>, Chennai and <keyword id="5065" type="General" weightage="50" keywordseo="ahmedabad" source="Orion">Ahmedabad</keyword> by the end of this fiscal and is targeting to deploy 1,000 charging stations and 25,000 EVs powered by <keyword id="218039" type="General" weightage="100" keywordseo="exponent" source="Orion">Exponent</keyword>, by 2025. Exponent said its energy stack together unlocks a 15-minute rapid charge, and long battery life (3,000 cycle life warranty, 3 times the industry standard) - all done on regular LFP cells for the first time in the industry. Rapid charging kills range anxiety and the need for expensive, oversized battery packs, it said, adding that with this two-sided approach, EVs powered by exponent will be 30 per cent more affordable, which has been made possible by an optimised battery capacity (30 per cent smaller), and 5-year financing (powered by 3,000 cycle life warranty). Additionally, 15-minute rapid charging reduces EV charging cost by 33 per cent, the company claimed. Exponent's energy stack addresses two key problems that, for decades, prevented rapid charging on LFP cells - Lithium plating and extreme heat, it said. "We are building the future of energy that combines engineering with real world economics. For everyone to go electric, consumers need EVs that charge faster, last longer, and cost lesser," <keyword id="1358534" type="General" weightage="50" keywordseo="arun-vinayak" source="Orion">Arun Vinayak</keyword>, Co-founder and CEO of Exponent Energy, said. The company is ramping it up across India starting with <keyword id="157098" type="General" weightage="20" keywordseo="delhi-ncr" source="Orion">Delhi-NCR</keyword>, Mumbai, Hyderabad, Chennai and Ahmedabad, he added. The company said its 15-minute rapid charging also unlocks higher energy throughput enabling it to build a profitable and scalable EV charging network. SEE ALSO:<a href="https://www.businessinsider.in/entertainment/news/movies-and-tv-shows-releasing-in-august-2023/slidelist/102272332.cms" target="_blank"></a> <a href="https://www.businessinsider.in/entertainment/news/movies-and-tv-shows-releasing-in-august-2023/slidelist/102272332.cms" target="_blank">From Made in Heaven to Gadar 2 – Movies and OTT shows releasing in August</a><a href="https://www.businessinsider.in/tech/gadgets/news/honor-pad-x9-vs-realme-pad-2-which-tablet-should-you-buy/slidelist/102264679.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/gadgets/news/honor-pad-x9-vs-realme-pad-2-which-tablet-should-you-buy/slidelist/102264679.cms" target="_blank">Honor Pad X9 vs Realme Pad 2 – The new tabs under ₹20,000 to consider</a> <a href="https://www.businessinsider.in/business/news/hdfc-bank-and-swiggy-launch-co-branded-credit-card-to-offer-discount-to-customers/articleshow/102133212.cms">HDFC Bank and Swiggy launch co-branded credit card – cashback, offers and more</a>

Exponent Energy aims to power 25,000 electric vehicles by 2025

Indian EV startup <keyword id="12291737" type="General" weightage="80" keywordseo="exponent-energy" source="Orion">Exponent Energy</keyword>, which claims to have developed a battery that gets powered from zero to 100 per cent in just 15-minutes, on Wednesday raised $13 million funds led by top VC firm <keyword id="1727428" type="General" weightage="50" keywordseo="lightspeed" source="Orion">Lightspeed</keyword>. Bengaluru-based <keyword id="218039" type="General" weightage="100" keywordseo="exponent" source="Orion">Exponent</keyword> has developed the epump and epack, its proprietary charger and battery pack, that together unlock a 15-min rapid charge for 0 to 100 per cent battery charge The startup said that the new funds will be utilised to scale up its EV network to 100 location points per city, starting with Bengaluru. All existing institutional investors, YourNest VC, 3one4 Capital and AdvantEdge VC, also participated in the latest funding round. "This team, with their drive and innovation, has made rapid EV battery charging possible in just 15 minutes. We are confident that the technology is a real breakthrough, allowing EVs to become ubiquitous," said Harsha Kumar, Partner, Lightspeed. Earlier this month, Exponent Energy partnered Altigreen Propulsion Labs to make rapid charging a reality for eCVs on Indian roads. They unveiled the world's fastest charging electric three-wheeler aneEV HD' that charges from 0-100 per cent within 15 minutes. Customer deliveries of <keyword id="14739329" type="General" weightage="50" keywordseo="exponent-enabled-neev" source="Orion">Exponent Enabled NeEV</keyword> HD will begin from October, said the startup. "Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we'll scale-up our production and network presence," said Arun Vinayak, Co-founder &amp; CEO, Exponent Energy. Exponent Energy previously raised $6 million in Seed and Pre-Series A round from investors such as the family office of Dr Pawan Munjal, Chairman and CEO, Hero MotoCorp, Motherson Group, along with YourNest VC, 3one4 Capital, AdvantEdge VC and others. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/pawan-munjal-invests-in-ev-charging-company-exponent-energy/articleshow/93325365.cms">Pawan Munjal invests in EV charging company Exponent Energy</a> <a href="https://www.businessinsider.in/business/auto/news/ather-450x-gen-3-vs-ola-s1-vs-tvs-iqube-s-electric-scooters-comparison-of-price-and-features/articleshow/93594152.cms">Ather 450X Gen 3 vs Ola S1 vs TVS iQube S – price, specs and features compared</a> <a href="https://www.businessinsider.in/sports/news/elon-musk-says-its-a-joke-hours-after-saying-he-is-buying-manchester-united/articleshow/93608074.cms">Elon Musk says it’s a joke, hours after saying he is buying Manchester United</a>

Exponent Energy raises $13 million to scale up its rapid charging points across the country

<ul><li>The family office of Dr. <keyword id="87849" type="General" weightage="80" keywordseo="pawan-munjal" source="Orion">Pawan Munjal</keyword>, the chairman of <keyword id="6357252" type="General" weightage="50" keywordseo="hero-motocorp" source="Orion">Hero MotoCorp</keyword> has invested an undisclosed amount in <keyword id="12291737" type="General" weightage="80" keywordseo="exponent-energy" source="Orion">Exponent Energy</keyword>.</li><li><keyword id="218039" type="General" weightage="100" keywordseo="exponent" source="Orion">Exponent</keyword> Energy is an EV charging company that recently partnered with Altigreen Propulsion Labs.</li><li>The two companies have launched an electric 3-wheeler that offers a range of up to 85 km and can be fully charged in just 15 minutes.</li></ul>The family office of Dr Pawan Munjal, the chairman of Hero MotoCorp has invested an undisclosed amount in EV charging company, Exponent Energy. The Bengaluru-based company says that with this funding round, it can expand its charging stations across the city. Exponent Energy is ramping up its battery pack production and setting up 100 charging stations across <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> in its first leg. Other cities will follow, says the company which also sealed a partnership in association with EV maker Altigreen Propulsion Labs to enable fast charging. Both these companies intend to manufacture a commercial electric 3-wheeler which can be fully charged within 15 minutes. The Reliance New Energy-backed Altigreen is also ramping up its production facilities along with a distribution network. “This partnership with Exponent will now make us the fastest charging 3-wheeler that offers flexibility and freedom to our customers and helps them earn even more,” Dr Amitabh Saran, founder and chief executive officer of Altigreen said in a statement. One of the main issues that commercial electric vehicles usually face is slow charging, which makes it difficult for companies to adopt them in their business. <cmsannotation type="cmsannotation" annotationid="85 kms on a single charge" comment="subhead" text="85 kms on a single charge">85 kms on a single charge</cmsannotation> The 3-wheeler will be equipped with an 8.19kWh battery pack developed by Exponent Energy. The companies claim that the vehicle will offer a range of up to 85 km on a single charge. The battery pack ensures long battery life and consistent performance even at 50-degree Celsius, the press release said. Exponent has said that the e^pump or charging network delivers 600A of power, which it claims is fifteen times faster than the industry standard. “For all of India to go electric, EVs need to charge faster and last longer. Our e^pack and e^pump make this possible with 15-minute rapid charging and 3,000 cycle life warranty,” said Arun Vinayak, the CEO of Exponent Energy. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/top-10-cars-sold-in-india-in-july-2022-maruti-suzuki-tata-and-hyundai-brand-in-only-top-10/slidelist/93289907.cms">Top cars sold in India in July 2022</a> <a href="https://www.businessinsider.in/business/auto/news/best-upcoming-hybrid-electric-cars-and-suvs-in-india/articleshow/93274562.cms">Best upcoming electric and hybrid cars in India in August 2022</a> <a href="https://www.businessinsider.in/business/auto/news/auto-sales-data-july-2022-maruti-and-toyota-post-strong-growth-in-sales-while-mg-motor-and-kia-decline/articleshow/93276379.cms">Auto sales data July 2022: Maruti and Toyota post strong growth in sales while MG Motor and Kia decline</a>

Pawan Munjal invests in EV charging company Exponent Energy

<ul><li>The nascent <keyword id="4738498" type="General" weightage="20" keywordseo="ev-industry" source="Orion">EV industry</keyword> in India has seen a lot of buzz over the last year, largely due to the launch of new electric scooters and bikes.</li><li>While the government has been trying to push EV adoption via FAME subsidies, the industry believes more needs to be done.</li><li>Here’s everything that the EV industry wants from <keyword id="10547300" type="General" weightage="20" keywordseo="budget-2022" source="Orion">Budget 2022</keyword>.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them.</li></ul> Electric vehicles (EVs) could very well be the future of transportation, but their adoption in India remains a challenge for both the companies making electric cars and scooters, and consumers who want to shift away from the regular petrol/diesel-based options. With the Budget 2022 just a few days away, Business Insider spoke to industry leaders to understand the state of adoption of EVs and what the industry needs going forward. <cmsannotation type="cmsannotation" annotationid="What the industry expects from Budget 2022 for the EV sector" comment="subhead" text="What the industry expects from Budget 2022 for the EV sector">What the industry expects from Budget 2022 for the EV sector</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Tax structure rationalisation and a stable policy regime" comment="subhead" text="Tax structure rationalisation and a stable policy regime">Tax structure rationalisation and a stable policy regime</cmsannotation> “Burdened under high duties, GST [goods and services tax], cess and registration costs, we urge the government to rationalise the entire tax structure, which eventually will lead to higher volumes for the industry,” said Balbir Singh Dhillon, head of Audi India, urging the government to also come up with a stable policy regime which is essential for industries like auto which have long lead times. <div type="Article" hostid="261" msid="89119184" title="Here’s how much buying and owning an electric scooter costs in India versus a petrol scooter" mstype="2" mssubtype="0"></div> Another issue that ails the EV sector is that while the final products – that is, the electric cars, bikes and scooters – are taxed at 5%, components like battery packs are taxed at a significantly higher rate of 18%. While this not only increases the cost for the average consumer, it also leads to an invested tax structure wherein companies end up with their funds stuck in the tax system, reducing their liquidity in the process. “Due to the inverted tax structure that currently exists (where EVs are taxed at 5% and battery packs alone at 18%). Several constraints are placed on new OEMs [original equipment manufacturer] as well as the development of new models like Battery-as-a-Service,” Arun Vinayak, co-founder and chief executive officer (CEO) of Exponent Energy, told Business Insider. <cmsannotation type="cmsannotation" annotationid="Bringing down GST to make electric vehicles more lucrative" comment="subhead" text="Bringing down GST to make electric vehicles more lucrative">Bringing down GST to make electric vehicles more lucrative</cmsannotation> Making it more affordable to buy and sell used electric vehicles might be another way to boost awareness and thereby adoption of EVs, according to industry sources. CredR’s co-founder Sasidhar Nigam said “We also expect the government to reduce the GST, which is presently 18% so that there is an increased consumption in used bikes.” CredR is a portal for buying and selling used bikes. Apart from this, Nigam says that a reduction in road taxes and registration costs will also help reduce the burden on consumers. While some states like Telangana currently waive off registration charges on electric vehicles, the policy is not uniform across the country and the waiver is for a limited period or number of vehicles. <cmsannotation type="cmsannotation" annotationid="Expanding the EV charging network" comment="subhead" text="Expanding the EV charging network">Expanding the EV charging network</cmsannotation> Range anxiety remains one of the biggest challenges in adoption of EVs and industry leaders believe the government needs to step in to help alleviate this problem. One of the ways, the leaders say, is by setting up and expanding the EV charging network across the country. “Since the consumers are concerned about a general lack of charging infrastructure, the government needs to propel the sector by allocating funds to address this area of concern,” said Suhas Rajkumar, co-founder and CEO of Simple Energy. Another option worth exploring is using the existing auto industry infrastructure to double up as EV charging points. “The government should incentivise all existing auto OEMs to use their sales and distribution points, authorised service centres and manufacturing hubs as charging stations for EV vehicles,” CredR’s Nigam added. <cmsannotation type="cmsannotation" annotationid="Encouraging customer adoption via lucrative finance schemes and subsidies" comment="subhead" text="Encouraging customer adoption via lucrative finance schemes and subsidies">Encouraging customer adoption via lucrative finance schemes and subsidies</cmsannotation> Although electric vehicles can turn out to be cheaper in the long run, they are still expensive purchases even after accounting for FAME subsidies. This acts as another deterrent in their adoption. “Lucrative finance schemes and plans can add to the increased purchase power of consumers,” Nigam said. This can be done in addition to reducing the GST on components, reducing import duties, road taxes and registration charges, and offering low interest finance options. “In the interim, reducing the import duties on Li-ion cells would greatly benefit EV startups to make EVs affordable and spur consumer demand,” Exponent Energy’s Arun Vinayak said. <cmsannotation type="cmsannotation" annotationid="Subsidies for commercial sector and mandating use of EVs at tourist destinations" comment="subhead" text="Subsidies for commercial sector and mandating use of EVs at tourist destinations">Subsidies for commercial sector and mandating use of EVs at tourist destinations</cmsannotation> Lastly, the government can also push for the use of EVs in the commercial and tourism sectors, thereby reducing the carbon footprint as well as boosting EV adoption. “A strong regulatory push for electric commercial vehicles would also be a welcome move. The Union Budget may provide subsidies for using EVs for commercial and logistics purposes,” said Pushkar Singh, cofounder and CEO of LetsTransport, a last-mile logistics solutions provider. “The government can further leverage the popularity of tourist destinations by converting them into “EV Zones” and provisioning the presence of EVs for tourists travelling and exploring these popular locations,” said Sandeep Mukherjee, co-founder and CEO of B:Live, an e-bike tourism firm. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/cost-of-owning-and-running-an-electric-scooter-vs-a-petrol-scooter/articleshow/89119184.cms">Here’s how much buying and owning an electric scooter costs in India versus a petrol scooter</a> <a href="https://www.businessinsider.in/business/auto/news/this-flying-car-will-soon-make-trips-from-london-to-paris/articleshow/89110038.cms">This flying car will soon make trips from London to Paris</a> <a href="https://www.businessinsider.in/business/auto/news/tesla-india-prospects-get-a-boost-as-states-compete-with-each-other-to-invite-elon-musk-to-their-backyard/articleshow/88890951.cms">Tesla India prospects get a boost as states compete with each other to invite Elon Musk to their backyard</a>

From tax structure rationalisation to expanding EV charging infrastructure, here’s what the industry wants from Budget 2022

Edtech platform <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s on Monday said that the company has received funds from 11 out of 13 investors in a Rs 3,600 crore funding round which started in June last year. New York-based Oxshott in September 2021 invested Rs 1,200 crore as part of the Series F round at Rs 285,072 per share, which is yet to arrive. "Additionally, Oxshott wasn't leading the round. In fact, they were one of the last investors to come in for that round. Out of the total Rs 3,600 crore, Rs 2,400 crore has already come in," a company spokesperson told IANS. Other investors in the round were Edelweiss (Rs 344.9 crore), IIFL (Rs 110 crore), Verition Multi-Strategy Master Fund (Rs 147 crore), and XN Exponent Holdings (Rs 150 crore). The Morning Context first reported that "money from <keyword id="14428557" type="General" weightage="50" keywordseo="oxshott-capital-partners" source="Orion">Oxshott Capital Partners</keyword> or related entities for an investment has not reached the company". Oxshott <keyword id="14428559" type="General" weightage="50" keywordseo="venture-fund-x-llc" source="Orion">Venture Fund X LLC</keyword> and <keyword id="14428558" type="General" weightage="50" keywordseo="drd-holdings-sarl" source="Orion">DRD Holdings SARL</keyword> are both investment vehicles of <keyword id="14428556" type="General" weightage="50" keywordseo="oxshott-capital" source="Orion">Oxshott Capital</keyword>. It is common industry practice for investment funds to establish separate investment vehicles for compliance/internal structuring purposes to deploy investments. In the current case, the investor has requested that their investment be deployed through DRD Holdings SARL (instead of Oxshott Venture Fund X LLC). The fresh development came after another report recently claimed that some money in the Rs 6,300 crore private equity investment that BYJU's announced early this year has also not arrived. In March, BYJU'S had announced to raise about Rs 6,300 crore (around $800 million) from Sumeru Ventures, Vitruvian Partners, and BlackRock. <keyword id="1702989" type="General" weightage="50" keywordseo="byju-raveendran" source="Orion">Byju Raveendran</keyword>, Founder and CEO, was also part of the funding round and made a personal investment of $400 million. According to reports, the money from Sumeru Ventures "hasn't come in and questions are being raised about the fund's antecedents". However, BYJU'S said most of the funds have been received and the rest were on track. The company said that "its fundraising efforts are on track and majority of the $800 million has been already received". "The balance is also expected soon," a company spokesperson had told IANS. Meanwhile, the edtech giant said recently it has closed the nearly $1 billion acquisition of offline test preparatory services provider <keyword id="6380190" type="General" weightage="50" keywordseo="aakash" source="Orion">Aakash</keyword>. The company, in a statement, said last week that its payments to Aakash are "closed" and the "audited financial results are going to be announced in the next 10 days". BYJU'S has also been in the news for laying off employees and disgruntled parents complaining about poor quality of learning material and sales pitches by agents. Late last month, BYJU's announced to cut nearly 600 jobs -- 300 employees at its Toppr learning platform and another 300 at coding platform WhiteHat Jr. "In order to reduce redundancies across our organisation after multiple acquisitions, we had to let go of nearly one per cent of our 50,000+ strong workforce," said a company spokesperson. BYJU'S also lost a case in a consumer court, where a Bengaluru man sued the company in a consumer court for providing low-quality tablets and study material to his son and daughter who were promised <keyword id="10591" type="General" weightage="50" keywordseo="samsung" source="Orion">Samsung</keyword> tablets worth Rs 25,000. Further, the edtech major also backed out of its promise to convert the tuition fee of Rs 99,000 into EMIs. When the company did not pay heed to his demand of cancelling the subscription and refunding, he filed a case and won a refund of the fee of Rs 99,000 and a compensation of Rs 30,000, according to reports. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-priorities-for-building-an-energy-efficient-indian-economy/articleshow/92804706.cms">OPINION: Priorities for building an energy-efficient Indian economy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/uber-files-what-they-reveal-about-the-companys-india-operations/articleshow/92805725.cms">Uber Files — What they reveal about the company’s India operations</a>

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Exponent Energy aims to power 25,000 electric vehicles by 2025

PTI

Exponent Energy raises $13 million to scale up its rapid charging points across the country

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Pawan Munjal invests in EV charging company Exponent Energy

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From tax structure rationalisation to expanding EV charging infrastructure, here’s what the industry wants from Budget 2022

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Byjus raises more Rs 3,600 cr and says its fundraising plans are on 'track'

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