Exponent Energy's 1MW charging tech to cut electric bus costs by 30-40%

Exponent Energy has announced the launch of India’s first 1MW rapid charging technology for electric buses, which is set to reduce the capital cost of electric buses by 30–40 per cent. The company's technology will enable the use of smaller batteries sufficient for a 250 km range, compared to the larger 400 km range batteries previously required.

 

The 1MW charging system, which will launch in the next six months, allows for a 15-minute rapid charge, minimising downtime and enabling buses to operate with smaller, lighter batteries. The charging system will only support Exponent-enabled buses. This reduction in battery size is intended to lower the initial cost of electric buses, as batteries represent a significant portion of the vehicle's overall expense.

   

In August 2024, Exponent partnered with Veera Vahana, a bus manufacturer, to introduce the rapid charging intercity bus Veera Mahasamrat EV. To support the new fleet, Exponent introduced the 1MW charging technology, which will initially be used exclusively for the Veera Vahana fleet. As Exponent establishes more partnerships with other bus manufacturers, those companies will also gain access to this technology.

 

Over 1,700 electric vehicles have utilised Exponent Energy's charging infrastructure, resulting in more than 350,000 completed charging sessions, the company claimed. The company has expanded its operations to five cities: Delhi NCR, Chennai, Ahmedabad, Kolkata, and Hyderabad.

 

Lower capital costs are also expected to bring down passenger fares, as operators will not need to recover high upfront expenses.

 

Commenting on this development, Arun Vinayak, chief executive officer and co-founder of Exponent Energy, highlighted that the 1MW charging technology was built using standard off-the-shelf lithium-ion cells, making it more accessible and scalable.

He noted that while BYD’s recent unveiling of a 1MW charging system for cars in China attracted attention, Exponent’s technology is already operational in India.

 

Vinayak also mentioned that Exponent is working towards developing domestic cell manufacturing capability to enhance India’s self-reliance in electric vehicle (EV) technology.

 

Speaking on this, Mohandas Pai, chairman of Aarin Capital Partners, stated, “This technology will reduce both the weight and cost of the bus. The ability to fast charge in 15 minutes during stops lowers the need for larger batteries, cutting capital costs and improving operating efficiency.”

 

Lower capital costs will also reduce fares, as operators will not need to recover high upfront expenses. Pai highlighted that while electric power is already cheaper than diesel, the reduced capital cost will now make electric buses more cost-effective than diesel ones.

 

Exponent Energy, co-founded in 2020 by former Ather executives Arun Vinayak and Sanjay Balyal, has developed a complete charging ecosystem consisting of a battery pack, charging station, and charging connector, which are designed to facilitate rapid charging using standard lithium-ion cells. This system enables 15-minute charging and comes with a 3,000-cycle life warranty for EVs.

 

Exponent has raised $44.6 million in Pre-Series A, Series A, and Series B funding rounds from investors including Lightspeed, Eight Roads Ventures, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Pawan Munjal (chairman and chief executive officer, Hero MotoCorp).