Specialized in advanced deep-tech battery, Log9 Materials has received a fresh round of capital worth $40 Mn as a part of its Series B Funding.
The start-up witnessed a mix of equity and debt raise led by Amara Raja Batteries Ltd. and Petronas Ventures and saw participation from other marquee investors such as Incred Financial Services Private Ltd., Unity Small Finance Bank, Oxyzo Financial Services Private Ltd. and Western Capital Advisors Private Ltd.
Log9 is also backed by CBC Japan, Grip Invest Advisors Private Ltd., Cornerstone Venture Partners, LO Funds, Oxy Capital and other leading angel investors.
Proud of the recent fundraise, Akshay Singhal, Founder and CEO, Log9 said, “Log9 has always been invested in providing its customers with the most sophisticated and efficient batteries, based on both LTO and LFP lithium-ion technologies. The recent round of investments will allow us to grow our battery manufacturing capabilities to a 2 GWH capacity by the end of 2024 and commission India’s first fully integrated Lithium Ion Cell production line. Furthermore, over ₹100cr will be invested towards advancements in cell and battery technology stacks. As a battery technology pioneer, we foresee these investments to cement our position as a leader in the commercial EV space and to expand into stationary battery sectors such as power backup and grid storage. We will also be aggressively pursuing pilots in overseas markets over the next few quarters, with a particular focus on the tropical belt”.
The development comes at a time when the Indian EV sector is at an inflection point. With the demand for electric vehicles increasing, so are the challenges of battery safety, range anxiety, charging infrastructure and so on. The time is also ripe considering some of the leading domestic and global brands touting electric vehicles as a promising enabler for them to meet their sustainability goals. Log9, backed by its recent series of investments, aims to solve the challenges around safety, reliability, and performance by investing further into cell and battery technologies, designed bespoke for a trying ecosystem such as India and the tropical belt.
Vikramaditya Gourineni, Executive Director, Amara Raja Batteries Ltd said “Log9’s progress in the field is significant in meeting India’s growing aspirations in the Energy and Mobility space. Battery manufacturing is the most critical part of the value chain that needs to be localized, and batteries designed in India for India will pave the way.”
Arni Laily, Head of PETRONAS Ventures said, “Log9’s approach to the future of energy continues to excite us and strongly aligns with the investment priorities of PETRONAS Ventures. This partnership will further enhance PETRONAS’ expansion in the new energy and green mobility sectors.”