China has become the global leader in electric vehicles and electric technology, but a plucky Indian startup has made some electric advances of its own.
Bengaluru-based Exponent Energy has announced India’s first 1-megawatt (MW) rapid charging system designed specifically for electric buses. This indigenously-engineered solution can charge an electric bus in just 15 minutes. This could game-changer for commercial electric fleet operators battling the long charging times that have historically hindered EV adoption.
Exponent manages 15-minute charging by owning all parts of the charging ecosystem. It has its own charging pumps, its charging plugs, and even its battery packs. Exponent says it has made engineering and algorithmic breakthroughs to be able to charge the battery this quickly without harming it. Exponent has a smart Battery Management System (BMS) that protects battery life by preventing issues like lithium plating, a common cause of degradation. It has also built a cooling system that ensures that the battery doesn’t overheat while it’s charging.
“Commercial vehicles need quick turnarounds to stay profitable,” Exponent Energy co-founder Arun Vinayak explains. “Our goal was to build a system that makes electric buses as convenient as their diesel counterparts—without compromising on cost or efficiency.”
Apart from charging buses in 15 minutes, Exponent already deploys its solution to charge smaller vehicles in 15 minutes. These include electric autorickshaws and small load-carrying vehicles. The company has more than a hundred charging stations across four cities in India. It has deployed more than 1,000 batteries, and has completed over 3 lakh charges.
Now one doesn’t simply get up and decide to create an electric charging company — Exponent Energy’s founders had cut their teeth in the electric vehicles industry. Both of Exponent’s founders were senior executives at electric scooter manufacturer Ather Energy. Arun Vinayak was the former Chief Product Officer at Ather, and had spearheaded the development of the Ather 340 and 450 scooters. The other founder, Sanjay Balyal Jagannath had worked with Unilever before joining Ather. Both were graduates of IIT Madras.
The duo had decided to work on electric charging, and Exponent Energy had been founded in 2020. The company has raised nearly Rs. 400 crore so far, and is valued at Rs. 850 crore. It has over 200 employees. Exponent believes that its systems can slash the capital cost of electric buses by 30 to 40 percent. Its systems can charge vehicles very quickly, so it can afford to have smaller batteries in vehicles as opposed to larger ones, which saves costs. The company is also planning to launch a 1.5MW charging system later this year, which will build on its current 1MW model.
Exponent’s 15-minute charging announcement for buses comes at a time when China is making rapid advancements in its EV ecosystem. Just last week, BYD had announced a new 5-minute charging system for electric cars. There are also dozens of Chinese EV makers, which are competitively priced and often have more advanced features than their western counterparts. India already has an emerging electric vehicle ecosystem with companies like Tata, Mahindra, Ola and Ather coming out with their EV models. And with advances being made in electric charging as well by companies like Exponent, India might soon be able to cobble together an EV ecosystem of its own to take on China.