Altigreen, a Reliance-backed electric three-wheeler (E3W) brand, has partnered with fast-charging technology provider Exponent Energy and claimed to become the fastest charging E3W provider in the fast-growing EV market.
Economic Times and Business Standard reported that Altigreen would introduce Exponent Energy's fast-charging technology, allowing Altigreen's E3Ws to fully charge an 8.19 kWh battery from 0 to 100% within 15 minutes and achieve a driving range of 80-85 kilometers.
Amitabh Saran, founder, and CEO of Altigreen, said Exponent's technology has allowed them to become the fastest charging E3W player, bringing more flexibility and income to their commercial customers on the road. Altigreen, whose investors include Reliance New Energy, Sixth Sense Ventures, and Xponentia Capital, has products approved under India's FAME II scheme.
According to reports, Altigreen aims to expand its product portfolio to 3-5 in the next 2-3 years, increase its annual production capacity to 40,000 units in the next six months, and build a pan-India distribution network, which would also be used to offer the benefits of Exponents fast charging network across India.
Meanwhile, Exponent Energy was co-founded by Vinayak and Sanjay Byalal Jagannath, the former head of hardware strategy sourcing and cell strategy at Ather Energy. Exponent Energy's investors include Pawan Munjal, chairman and CEO of Hero MotoCorp, and Motherson Sumi Systems.
Exponents Energy provides e^pack, with a warranty of 3,000 charge cycles and low degradation rate of battery capacity, and e^pump, which delivers up to 600 amperes of current to e^pack while managing individual cell characteristics to ensure safety, long battery life, and performance consistency even at 50 degrees Celsius.
India's E3W market is dominated by commercial vehicles carrying passengers and cargo. Since 2017, the cumulative registrations have reached nearly 800,000 units, more than that of electric two-wheelers and four-wheelers. The introduction of fast charging technology can help commercial customers reduce the waiting time for charging and generate more revenue.
On the other hand, the Indian government is promoting interchangeable swapping systems to accelerate the popularization of EVs. In July, India's finance ministry announced to reduce the value-added tax on electric vehicles without batteries, hoping to reduce the price of end products. Mint quoted Kavan Mukhtyar, automotive partner at PwC India, saying that the alternative to fast charging right now is battery swapping, which takes no time.
India's EV registration
Source: Vahan Dashboard. Compiled by DIGITIMES Asia, August 2022