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Exponent Energy gets $13M to scale up charging network for electric vehicles

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Electric vehicle startup Exponent Energy has secured $13 million in funding. Among other things, the money will used to scale up the charging network to 100 points per city.  The company says its technology will reduce the time taken to charge an electric vehicle from three hours to 15 minutes. Exponent Energy, an electric vehicle (EV) fast-charging startup, announced a $13 million funding round led by Lightspeed Venture Partners, with existing institutional investors including YourNest VC, 3one4 Capital, and AdvantEdge VC also participating. This is Lightspeed's first investment in the electric vehicle market. Exponent Energy claims to have developed a technology that can fully charge a vehicle in 15 minutes, which is significantly less than the standard time of at least three hours.  Exponent's battery pack must be installed in EVs to ensure rapid charging, and the end user can charge the vehicle using Exponent's own charging stations. In Bengaluru , the co...