Deeptech battery startup Log9 Materials has raised $40 million as part of its Series B funding round led by Amara Raja Batteries and PETRONAS Ventures.
The Series B round, a mix of debt and equity, also saw participation from Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services, and Western Capital Advisors.
The startup plans to use the raised capital to expand its battery manufacturing capabilities to a 2 GWh capacity by 2024 and commission India’s first fully integrated Lithium-ion cell production line.
It also plans to invest over Rs 100 crore towards advancements in cell and battery technology stacks.
Founded in 2015 by Akshay Singhal, Kartik Hajela, and Pankaj Sharma, Log9 is an indigenous deeptech and advanced battery-tech startup that offers fast-charging batteries that the startup claims last longer and provide higher performance and safety.
“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,” said Akshay Singhal.
Commenting on the investment, Vikramaditya Gourineni, Executive Director, Amara Raja Batteries, 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 localised, and batteries designed in India for India will pave the way.”
Source @Indianstartupnews
