Exponent Energy targets 2-2.5 million 3Ws with 24-hour EV retrofit

Backed by Hero MotoCorp's Pawan Munjal, Bengaluru-based Exponent Energy's 'Oto' technology can convert ICE three-wheelers to EVs in 24 hours, targeting 2-2.5 million conversions nationwide

Exponent Energy, a Bengaluru-based energy-tech company with financial backing from the family office of Hero MotoCorp Chairman and CEO Pawan Munjal, has launched its ‘Exponent Oto’ technology, a disruptive solution designed to retrofit Internal Combustion Engine (ICE) three-wheelers into electric vehicles (EVs). The offering is anchored by a proprietary battery system that enables a 15-minute rapid-charge.

 

The company is setting an aggressive initial target, aiming for the conversion of 2 to 2.5 million auto-rickshaws across the top 20 Indian cities. This segment is considered the immediate addressable market out of India’s estimated 8-10 million unit auto installed base. Exponent plans to scale its conversion capacity from a few hundred per month to several thousand shortly, driven by the high operational costs of liquefied petroleum gas (LPG)/compressed natural gas (CNG) in urban centres.

 

 

The conversion process is comprehensive, involving the complete removal of all fuel-based ICE components, which clears space and reduces vehicle weight. This is followed by the installation of Exponent’s electric powertrain.

 

“The entire retrofit can be completed within 24 hours,” Ayush Bhargava, head of business, Exponent Energy, told Business Standard. Once converted, the vehicle can be charged from zero to 100 per cent in just 15 minutes at any Exponent station. This rapid charging capability is coupled with a five-year warranty or 3,000 charging cycles on the battery system.

 

Bhargava said the conversion not only extends the vehicle’s life but also allows drivers to save up to ₹5,000 per month, making the transition to electric mobility simple, affordable, and sustainable.

 

The retrofit process is priced at approximately ₹1.7 lakh. To ease adoption, Exponent is offering crucial financial incentives, including zero downpayment, flexible EMI options, and an assured buyback scheme after three years.

 

Exponent’s core advantage lies in its in-house developed battery technology, which forms the basis of its proprietary energy ecosystem. This ecosystem comprises the battery pack (e-pack), charging station (e-pump), and charging connector (e-plug), engineered together to deliver the 15-minute full charge capability and the industry-leading 3,000-cycle life warranty, even with high-frequency rapid charging.

 

Since its founding in 2020 by former Ather Chief Product Officer Arun Vinayak, Exponent Energy has deployed its technology in 2,100 EVs on Indian roads, established 150 charging stations, and completed over 1 million rapid charging sessions. The company, which has raised a total of $44.6 million in Pre-series A, Series A and B led by Lightspeed, Eight Roads Ventures, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr Pawan Munjal, chairman & CEO of Hero MotoCorp.

 

It is currently operational across Delhi-National Capital Region, Bengaluru, Chennai, and Ahmedabad.