Exponent ONE, a financing platform for commercial electric vehicles, has introduced ONE Pass, an Energy-as-a-Service (EaaS) offering for Montra Electric three-wheelers in the Delhi NCR region. The initiative, in partnership with Montra Electric and Exponent Energy, aims to lower the upfront cost of commercial electric vehicle ownership through a flexible, pay-per-kilometre model.
The ONE Pass program integrates battery usage and charging costs into a single rate, fixed for a four-year period. This model seeks to address a significant barrier to commercial EV adoption in India: the higher initial investment and fixed EMI associated with electric vehicles compared to conventional alternatives.
Exponent ONE: Program Details and Financial Structure
Under the ONE Pass scheme, driver-owners can acquire a Montra Electric Super Cargo eQx or eQXd+ with a down payment of ₹39,999 and a monthly EMI of ₹12,099 over 48 months. The energy component is priced at ₹3.20 per kilometre, billed daily and capped at ₹12,000 per month. This structure is designed to align energy expenses with vehicle usage, providing cost predictability and mitigating the impact of energy price fluctuations for the duration of the agreement.
The offering also includes access to Exponent Energy’s 15-minute rapid-charging network and a lifetime battery warranty, further intended to reduce operational concerns for driver-owners.
Industry Perspectives on the Initiative
Sandeep Divakaran, Co-founder and CEO of Exponent ONE (https://www.exponent-one.com/), highlighted the rationale behind the EaaS model. “The upfront cost of an electric three-wheeler can be around 25%-30% higher because of the battery, often resulting in a higher down payment and fixed EMI than a comparable CNG vehicle,” Divakaran stated. “We believe energy should be an operating expense, not a large upfront capital cost. With ONE Pass, driver-owners pay for energy the way they already think about fuel: by the kilometre. This can bring electric three-wheelers within reach of drivers who can afford a CNG vehicle today, while making their energy costs variable with usage.”
Deependra Sharma, CEO of e-3W at Montra Electric (TI Clean Mobility), emphasized the partnership’s goal to support commercial operators. “By bringing ONE Pass to our customers, we aim to facilitate them to run their vehicles over longer operating cycles, and make every rupee count,” Sharma commented. “Montra Electric vehicles paired with ONE Pass, gives customers a vehicle with a lower entry price, predictable operating costs and the confidence of a lifetime battery warranty.”
Arun Vinayak, Founder and CEO of Exponent Energy, elaborated on the technological contribution. “Our battery technology and 15-minute rapid-charging infrastructure are built to keep vehicles moving and support high daily utilisation,” Vinayak said. “With ONE Pass, that energy ecosystem is made a lot more accessible, with lower upfront costs and a fully flexible pay as you go energy package.”
This collaboration seeks to integrate vehicle technology, energy solutions, and flexible financing to foster wider adoption of commercial electric vehicles, aligning with broader industry developments in electric mobility (https://technosports.co.in/) across India.
