TDK invests in Indian battery tech firm
TDK Ventures, the digital investment arm of Japan's TDK Corporation, has taken a share of Bengaluru-based Exponent Energy.
Battery specialist Exponent grew its reputation thanks to its proprietary energy stack – a combination of battery pack (e^pack), charging station (e^pump), and charging connector (e^plug). The product fully charges an EV battery in 15 minutes and offers a 3000-cycle lifetime warranty using regular LFP cells.
The company says that, in the last 9 months, more than 500 Exponent-powered EV models have covered more than three million kilometres and completed 60,000 rapid charging sessions.
Exponent's track record was good enough to convince TDK Ventures to make a move, and take a share of the business. The TDK subsidiary invests in startups in materials science, energy and power – areas which it believes are underrepresented in venture capital portfolios.
Arun Vinayak, CEO of Exponent Energy CEO, said: "Our mission to simplify the broken energy ecosystem and provide greater access to energy-transformative technologies struck a chord with TDK – making this a perfect partnership. We're excited to work closely together to transform the EV industry."
Nicolas Sauvage, TDK Ventures President, added: "Exponent's groundbreaking achievement in crafting an economical and scalable 15-minute rapid charging solution utilizing standard LFP cells is revolutionary, allowing electric vehicles to adopt a more compact battery pack that can swiftly charge within a concentrated public charging infrastructure, effectively removing range anxiety. We share the vision of expanding rapid charging accessibility at a reasonable cost, making electric mobility an option for everyone."