Bengaluru based energy-tech startup Exponent Energy has joined hands with Alt Mobility, a commercial fleet leasing and lifecycle management platform, to lease 1000 Altigreen neEV Tez electric 3-wheelers, powered by Exponent.
As per the agreement, Alt Mobility is offering 5-year financing with 30% lower EMI, compared to industry standard of 3 years.
As per a joint press release, Alt Mobility has already financed 200 such vehicles of the total 1000 Altigreen neEV Tez vehicles.
“The partnership between Exponent Energy and Alt Mobility is set to redefine the future of the EV industry and foster widespread adoption. Earlier this year, Exponent Energy and Altigreen launched the world’s fastest charging electric 3-wheeler cargo vehicle – Altigreen neEV Tez at the affordable starting price of INR 3,55,000,” the companies said in the release.
Sharing thoughts on the partnership, Dev Arora, CEO and Co-founder, Alt Mobility said, “We are thrilled to partner with Arun, Sanjay and the Exponent team to join our mission of EVs affordable, reliable and seamless. Alt has been at the forefront of underwriting EV technology and partnering with exceptional technology providers to co-create comprehensive leasing offering with longer tenures and lowest monthly lease. Our data driven asset underwriting, continuous fleet monitoring and management, is driven towards improving asset bankability, prolonging asset life with the ultimate objective to reduce the cost of financing and maximising asset resale value.
Commenting on the partnership, Arun Vinayak, CEO and Co-founder, Exponent Energy said, “We are excited to join forces with Alt Mobility to bridge the gap between technology and financing. Their exceptional full-stack leasing and lifecycle management platform is helping break down barriers hindering the rapid adoption of EVs. With competitive financing rates, and extended EMI tenures, we are making electric mobility accessible, financially viable, and convenient. Combining this with our breakthrough advancements in 15-minute EV charging, we are empowering individuals & businesses to unlock more revenue than ever before.”
Alt Mobility said its platform offers full-stack integrated fleet lifecycle management including leasing, insurance, service management to maximise fleet uptime and lower operating costs to provide the lowest total cost of ownership for fleet partners.
As per Exponent, it has effectively tackled significant obstacles of financer confidence arising from poor battery health data availability and earning potential stemming from low productivity of EVs due to long charging time. This accomplishment not only instils confidence among financiers but also results in a remarkable 5-year financing (from the industry standard of 3 years) aiding in a 30% reduction in monthly EMIs thereby enhancing accessibility and affordability in the EV market.
“In the past, the EV industry encountered numerous challenges, such as elevated vehicle costs due to large battery packs, and apprehensions regarding battery dependability and transparency in EV battery health data resulting in limited financing options. As a result, financiers lacked the confidence to offer competitive interest rates for EV financing. By introducing smaller battery packs that reduced the price of the vehicle and providing complete transparency on battery life degradation for over 3000 cycles, Exponent Energy has instilled confidence in financers and potential EV owners alike. Furthermore, the ground-breaking advancement of 15-minute full charging for EVs has significantly increased EV owners’ earning potential which helps mitigate the risk associated with lending for EVs, making it more attractive for financiers to offer competitive financing terms,” it claimed.
