India’s Ambition to Electrify Three-Wheelers
India is making strides towards electrifying its three-wheeler passenger vehicles in an effort to reduce emissions. To support this goal, auto manufacturer Omega Seiki Mobility and battery-tech startup Exponent Energy have collaborated to launch an electric three-wheeler passenger vehicle that charges from 0 to 100% in just 15 minutes.
The new three-wheeler, called the Stream City Qik, is priced at $3,900 and is set to go on sale from May 15 in Delhi and Bengaluru. It features an 8.8kWh proprietary battery pack that provides over 86 miles of range. The vehicle is equipped with Exponent Energy’s charging technology, which claims to fully charge a battery in just 15 minutes when connected to the startup’s charging station, known as e^pump.
Exponent Energy currently operates 60 charging stations in six cities across India and plans to expand to 100 stations in Delhi-NCR and Bengaluru by 2024. By 2025, the company aims to have a total of 1,000 charging stations available for drivers of the Stream City Qik.
Expanding into the Passenger Vehicle Segment
Exponent Energy’s partnership with Omega Seiki Mobility marks the startup’s expansion into the passenger vehicle segment. Previously, the Bengaluru-based startup offered its rapid charging technology for three-wheelers exclusively to cargo and fleet operations. However, with the passenger three-wheeler segment being over four times the size of the cargo segment, there is a significant market opportunity for rapid charging solutions.
Given the popularity of three-wheeler vehicles among gig workers in India, who use them for ride-hailing and package delivery, the Indian government has been encouraging companies to manufacture electric three-wheelers by providing subsidies for their sales.
Building on Previous Successes
Exponent Energy has already established partnerships with various companies in the electric vehicle space. In 2022, the startup collaborated with Altigreen, owned by Reliance Industries, and Montra Electric, owned by Murugappa Group, to launch cargo three-wheelers equipped with its fast charging technology. The startup has also partnered with Magenta Mobility and Fyn Mobility to offer rapid charging on their fleet.
Currently, over 1,000 vehicles are equipped with Exponent Energy’s technology, completing over 100,000 charging sessions. The startup aims to increase this number to 25,000 by 2025.
The Importance of Rapid Charging for Three-Wheelers
Arun Vinayak, co-founder and CEO of Exponent Energy, explained that rapid charging is crucial for passenger three-wheelers because they often run for up to 22 hours a day, with two drivers using them sequentially. This high usage makes it essential for these vehicles to have access to fast charging.
While battery swapping is an alternative to rapid charging, Vinayak noted that it does not work at scale for three-wheelers due to limitations in battery size and range.
The Technology Behind the Three-Wheeler Upgrade
Exponent Energy’s battery technology utilizes lithium-ion batteries and an in-house battery management system that monitors each cell in real time during charging. The startup’s charging stations also feature an off-board thermal management system that uses refrigerated water to maintain the temperature of each battery cell while charging. This system enables the 0-100% charging in just 15 minutes and comes with a warranty for 3,000 cycles.
Vinayak highlighted the efficiency of Exponent Energy’s charging stations, which can charge 20 to 30 vehicles daily compared to the typical two vehicles charged by other EV charging stations. Furthermore, setting up an Exponent charging station costs significantly less than a CNG station, making it a more accessible option.
Looking Ahead
With the launch of the Stream City Qik, Omega Seiki Mobility and Exponent Energy aim to address the charging anxiety among three-wheeler drivers in India. They are not focused on beating the competition on pricing but rather on providing a reliable and efficient charging infrastructure that can increase drivers’ monthly income by up to 30%.
Omega Seiki Mobility plans to expand the availability of the Stream City Qik to new cities later this year and is optimistic about entering markets beyond India once the vehicle gains traction.
Exponent Energy has raised $44.4 million in funding so far and has generated an annual recurring revenue of $6 million in 2023. The startup aims to reach $72 million in revenue by 2025 and is also exploring opportunities to deploy its charging technology on electric buses in India later this year.
