Exponent Energy, a business that provides rapid charging for electric vehicles (EVs), has raised $13 million in investment, led by Lightspeed Venture Partners, with participation from already established institutional investors including YourNest VC, 3one4 Capital, and AdvantEdge VC.
This is Lightspeed's initial EV-related investment.
A system created by Exponent Energy claims to fully charge a car in 15 minutes, a significant reduction from the usual duration of at least three hours.
Exponent's battery pack must be installed in EVs by EV manufacturers in order to assure quick charging, and consumers can charge their cars at Exponent's charging stations. The business now runs 30 of these charging stations in Bengaluru.
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