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EV industry must learn to do with subsidies: Exponent Energy CEO

Economic TimesEconomic Times · 1y ago
EV industry must learn to do with subsidies: Exponent Energy CEO
Medial

Electric mobility ecosystem should not rely solely on government subsidies like the Faster Adoption and Manufacturing of Electric Vehicles (FAME) program, according to Arun Vinayak, CEO of Exponent Energy. Vinayak suggests moving towards performance-based incentives and production-linked incentives, rather than easy subsidies. The Indian government has recently transitioned from FAME subsidies to the Electric Mobility Promotion Scheme (EMPS). Exponent Energy, founded by former Ather Energy executives, has developed fast-charging technology that can fully charge a vehicle in 15 minutes. Vinayak also emphasized the importance of interoperability in charging infrastructure and the need for safety standards, without forcing standardization that hinders innovation.

Exclusive: Exponent Energy raising $20 Mn in an extended Series B

EntrackrEntrackr · 11d ago
Exclusive: Exponent Energy raising $20 Mn in an extended Series B
Medial

Exclusive: Exponent Energy raising $20 Mn in an extended Series B Exponent Energy is set to raise Rs 182 crore ($20 million) in an extended Series B round co-led by 360 One and TDK Ventures. The round will also see participation from existing investors, including YourNest, Advantedge Technology, Eight Roads Ventures, and Lightspeed India, among others. This will be the first major funding for the company in over two years since it last raised $26.4 million in Series B round in December 2023. The board at Exponent Energy has passed a resolution to approve the issue of 85,135 Series B2 CCPS across two separate filings at an issue price of Rs 21,430 to raise the above-mentioned amount, according to its filing with the Registrar of Companies (RoC). 360 One will lead the round with an investment of Rs 45 crore, followed by TDK Ventures and YourNest Venture Capital, contributing Rs 44.50 crore and Rs 37.82 crore, respectively. Other participants include Advantedge Technology (Rs 19 crore), Eight Roads Ventures (Rs 15.58 crore), 3One4 Capital (Rs 8.9 crore), and Lightspeed India (Rs 6.67 crore), along with contributions from Rohati Private Strategies, Indigo Circle Advisors, and Vivek Kamlesh Doulatani. Exponent Energy has also approved an increase in its ESOP pool by 11,550 options worth around Rs 24.75 crore, taking the total to 62,570 options, along with a 4,000 SAR pool. The combined ESOP and SAR pool is valued at Rs 142.6 crore. Led by Arun Vinayak and Sanjay Byalal, Exponent Energy builds rapid-charging solutions for EVs, enabling full charging in 15 minutes. It partners with OEMs to integrate its e-pack and develops a network of e-pumps to support efficient charging for logistics operators. Prior to this round, Exponent Energy has raised over $44 million to date including its $13 million round raised in August 2022. The Eight Roads Ventures-backed company’s revenue surged over 80% to Rs 30.2 crore in the fiscal year ended March 2025 from Rs 16.4 crore in FY24. During the same period, it narrowed its losses by 66% to Rs 65 crore from Rs 192 crore in FY24. Exponent Energy competes with other battery solution providers in the EV ecosystem such as Lohum, which is in talks to raise a Rs 1,000 crore pre-IPO round, and Battery Smart, which recently kicked off its pre-Series C round with Rs 66 crore in funding. Other players in the space include Nexus Battery, Chargeup, and Statiq among others.

Maharashtra Cabinet approves EV policy 2025 with tolll waivers and purchase subsidies

EntrackrEntrackr · 11m ago
Maharashtra Cabinet approves EV policy 2025 with tolll waivers and purchase subsidies
Medial

The Maharashtra cabinet has approved Electric Vehicle Policy 2025 as per which certain electric vehicles plying on highways will be given a toll waiver, and subsidies on purchase of such vehicles to boost their use to help bring down air pollution. The policy was approved in the state cabinet meeting chaired by Chief Minister Devendra Fadnavis. A statement said the policy will be valid till 2030 and Rs 1,993 crore will be earmarked for the sector. "The state government has approved a new Electric Vehicle (EV) policy, under which passenger EVs will be given subsidies. EV manufacturing and their use should increase in the state," said Fadnavis. According to the policy, the charging infrastructure will be strengthened under it and there will be charging facilities on the national highways at a distance of 25 km. The policy also envisages implementing the Clean Mobility Transition Model by giving sops to those buying EVs till 2030. Electric two-wheelers, three-wheelers, private four-wheelers, state transport corporation buses, private buses, transport undertakings under civic bodies will be given 10 per cent concession on purchase as against its original cost. Electric goods-carrying three-wheelers and four-wheelers, electric tractors will be given a concession of 15 per cent as against its original cost. Under this policy, registration fee will also be waived for EVs. Under this policy, toll will be waived for four-wheeler EV vehicles and buses using Mumbai-Pune Expressway, Atal Setu, Samruddhi Mahamarg. Toll will only be 50 per cent for these vehicles plying on state and other national highways.

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