India is getting a three-wheeled electric passenger car that charges from 0 to 100% in 15 minutes. The launch of the new electric vehicle – a collaboration between car manufacturer Omega Seiki Mobility and battery technology startup Exponent Energy – comes amid India's ambition to electrify 80% of all its three-wheelers by 2030 in a bid to reduce emissions.
The new three-wheeler, called Stream City Qik and priced at $3,900 (INR 3,24,999), was launched on Friday and will go on sale from May 15 in Delhi and Bengaluru. It's a version of the previous Omega Stream City and carries a special 8.8 kWh battery pack to provide a range of over 86 miles (126 kilometres). It is equipped with Exponent Energy's proprietary charging technology, which the startup claims fully charges the battery within 15 minutes when plugged into the startup's charging station (dubbed e^pump).
Currently, Exponent Energy has 60 charging stations across six cities: Delhi-NCR, Bengaluru, Chennai, Ahmedabad, Kolkata and Hyderabad. It plans to have 100 charging stations in Delhi, National Capital Region (NCR) and Bengaluru in 2024 and 1,000 stations in total by 2025, all of which will be available to Stream City Qik drivers, according to the company.
The partnership marks Exponent Energy's expansion into the new territory, as the Bengaluru-based startup previously only offered fast charging technology for three-wheelers for freight and fleet operations. The passenger three-wheeler segment in India is more than 4 times the number of cargo three-wheelers, according to government data. The segment has grown by more than 43%, with more than 45,000 three-wheeled passenger vehicles sold in January alone.
Three-wheelers are very popular with gig workers in India who use them to transport passengers and deliver parcels. The Indian government is incentivizing companies to stimulate the manufacturing of electric three-wheelers and has supported their sales to attract customers.
The partnership between Exponent Energy and Omega Seiki builds on the former's previous partnerships. In 2022, Exponent worked with Reliance Industries-backed Altigreen and Murugappa Group-owned Indian conglomerate Montra Electric to launch three-wheeler cargo vans equipped with fast charging technology. The startup has also partnered with Magenta Mobility, with funding from Morgan Stanley and BP Ventures, and Fyn Mobility to offer fast charging to its fleet. More than 1,000 vehicles, completing more than 100,000 charging sessions, currently have Exponent Energy technology, which the startup aims to increase to 25,000 by 2025.
“We started with merchandise to prove the technology worked,” Arun Vinayak, co-founder and CEO of Exponent Energy, told TechCrunch in an interview. “As we expanded, we realized that individual drivers really like fast charging because these people can't charge their cars at home. And they're more hungry to get more miles… They need to keep running, keep going where the demand is and go wherever the demand is.” Passenger going to him.
Exponent Energy and Omega Seiki Mobility have been running nearby control programs over the past two months to test consumer behavior. They found that three-wheelers carrying up to three passengers sometimes operated for up to 22 hours a day, and were used by two drivers sequentially to meet demand within the city. This makes it essential for three-wheeled passengers to have access to fast charging. Another alternative to fast charging in this case could be a battery swap, but this doesn't work widely, according to Vinayak.
“Unless you charge a hot-swappable battery, the batteries will run out. Because these batteries are hot-swappable, you are limited in the size of the batteries and have a fairly limited range.”
The technology behind the three-wheel upgrade
Exponent Energy's proprietary battery technology includes lithium-ion batteries along with its own internal battery management system, which monitors each cell in real-time when charging. Additionally, the startup has its own charging stations that use an off-board thermal management system, which funnels cooled water through the charging plug. This helps maintain the temperature of each battery cell during charging and makes 0-100% charging possible in 15 minutes as well as a 3000 cycle lifetime warranty.
Vinayak told TechCrunch that Exponent Energy's charging stations provide 10x efficiency by charging 20 to 30 vehicles per day, while other EV charging stations typically charge two cars. Likewise, setting up an Exponent charging station costs approximately $6,000 (INR 500,000), while a CNG station requires hundreds and thousands of dollars. This has restricted the availability of CNG at around 60 stations in Bengaluru, while Exponent Energy already has 40 charging stations in the city, the executive said.
Image credits: Omega Seiki Mobility
“If you give people the ability to refuel very quickly, the ability to recharge very quickly, and a network that is reliable and dense enough, people actually stop caring about range,” he said.
Stream City Qik will initially be available in Delhi and Bengaluru, with plans to enter new cities later this year. Omega Seiki Mobility is also optimistic about taking its fast charging tricycle to markets outside India once it gains enough traction.
“I can open up markets all over the world. We have ongoing testing across Southeast Asia, Bangladesh and Africa,” Uday Narang, founder and president of Omega Seiki Mobility, told TechCrunch.
New Delhi-based Omega Seki Mobility has an annual capacity to produce 20,000 vehicles, with three factories in northern India and one in the eastern state of Jharkhand. Exponent Energy, on the other hand, has a monthly capacity to build 500 charging units, which it plans to increase to 3,000 by July and August.
At $3,900 (INR 324,999), the Stream City Qik is priced competitively with gas-electric three-wheelers in the market in India. Vinayak and Narang said they are not looking to beat the competition on prices but want to help eliminate worry about charging among three-wheeler drivers and increase their monthly income by up to 30%.
Founded in 2020, Exponent Energy, which counts Eight Roads Ventures, Lightspeed Venture Partners, and TDK Ventures among its lead investors, has raised $44.4 million to date. The startup generated annual recurring revenue of $6 million in 2023 and aims to reach about $72 million by 2025. It is also looking to deploy its charging technology on electric buses in India later this year.
