iPhone-specific USB-C drive not working with iPhone 14 Pro

Hi friends. I'm plugging in a 256gb USB-C thumb drive (SSD type) into my iPhone 14 Pro (latest OS) via a USB-C to lightning dongle, however I'm getting a popup saying "This accessory requires too much power". I have reformatted the thumb drive to be exFat as I read that's how it must be done to be recognized.

Here a are the exact devices -

Thumb drive: https://www.amazon.com/dp/B0CF2FZJ95

Dongle: https://www.amazon.com/dp/B0CPHVTXQ9

This flash drive is supposed to work with iPhones and hardly uses any power (even works in my TV) so I'm wondering if something is wrong with my iPhone or there's a setting that needs to be enabled for it to work.

Appreciate any help.