Exponent Energy has announced the launch of India’s first 1-megawatt (MW) rapid charging system for electric buses, enabling a full charge in just 15 minutes. The Bengaluru-based company also revealed plans to introduce 1.5MW charging technology later this year, further advancing India’s EV ecosystem.

The 1MW charging system, designed, engineered, and built in India, is expected to cut the capital cost of electric buses by 30-40% by allowing manufacturers to use smaller batteries that offer a 250 km range instead of larger, more expensive ones. The system will initially be available for Exponent-enabled buses, with plans to expand access as more manufacturers adopt the technology.

Exponent Energy, co-founded in 2020 by former Ather executives Arun Vinayak and Sanjay Balyal, has built a complete EV charging ecosystem—including battery packs, charging stations, and connectors—to enable rapid charging using standard lithium-ion cells. The company claims its technology delivers a 3,000-cycle life warranty for EVs.

To support its rapid charging technology, Exponent Energy has expanded its operations to five cities—Delhi NCR, Chennai, Ahmedabad, Kolkata, and Hyderabad. Over 1,700 EVs have used its infrastructure, completing more than 350,000 charging sessions to date.

In August 2024, Exponent partnered with Veera Vahana to launch the Veera Mahasamrat EV, India’s first intercity electric bus equipped with rapid charging. The 1MW charging technology will initially support the Veera Vahana fleet, with plans to onboard more manufacturers in the future.

Racing Against Global EV Giants

Exponent’s announcement follows China-based BYD’s unveiling of a 1MW charging system capable of charging EVs in just five minutes. The Warren Buffett-backed company saw a 4.1% stock surge on March 18, shaking up the global EV landscape. Meanwhile, Tesla’s stock dropped 5.5% the same day amid concerns over declining sales.

BYD, which entered the Indian market in 2007, now holds a 3% market share in the country. In contrast, Tesla is eyeing an entry into India as it faces a slowdown in deliveries.

Exponent Energy’s Future Plans

With its 1.5MW charging system set to launch later this year, Exponent Energy is said to be focusing on three-wheeler cargo, passenger vehicles, and intercity buses. The company has raised $44.6 million in funding from investors including Lightspeed, Eight Roads Ventures, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Pawan Munjal (Hero MotoCorp CEO).