Advanced Battery Technology Startup Log9 Materials raises $85 million from Amara Raja Batteries & Others
Log 9 Materials, a Bengaluru-based advanced battery technology start-up, has received a $85 million investment from Amara Raja Batteries Limited and a few other investors.
Amara Raja, a battery manufacturer, is the anchor investor, with a $5 million investment. Log 9 Materials has raised an additional $3-5 million in funding from existing and new investors.
These funds will be used to increase production capacity and to support the business development efforts of Log 9's latest rapid charging battery technology, which has completed successful pilots and is set to go commercial in October 2021.
The investment in Log 9 Materials by Amara Raja is part of the company's strategy to focus on new green technologies and solutions.
While providing impetus to Log 9's ongoing R&D efforts, Amara Raja is expected to be the primary partner in scaling up the manufacturing operations of Log 9's battery and fuel cell technologies.
Log 9's newly developed rapid charging battery packs address multiple challenges in order to accelerate the adoption of electric two- and three-wheelers in India; the company's flagship aluminium fuel cell technology is aimed at long-distance electric mobility and as a zero-emission alternative to diesel generators.
"The investment was in line with the company’s plans to invest in cutting-edge technologies to accelerate its evolution towards becoming an ‘energy and mobility’ enterprise. This will mark the first in a series of interesting developments that we plan to execute in the future,” says, Vikramadithya Gourineni, Executive Director, Amara Raja Batteries.
Akshay Singhal, Founder and CEO, Log 9 Materials, said, “We are delighted to have ARBL as one of the anchor investors in the Series A+ funding round of Log 9. The partnership with ARBL will enable us to propel commercialisation at scale of our rapid charging batteries, which, in turn, shall play a major role in the future... in Log 9 eventually becoming the frontrunner and one of the largest Indian players in advanced cell chemistries.”
Exfinity Ventures and Sequoia Capital India's Surge Programme are among Log 9's existing investors, and the company has attracted a slew of new investors as part of its Series A+ funding round.
The startup intends to establish local cell manufacturing for these technologies under the advanced chemistry cell production-linked incentive (ACC PLI) scheme's niche category.
Amara Raja, a battery manufacturer, is the anchor investor, with a $5 million investment. Log 9 Materials has raised an additional $3-5 million in funding from existing and new investors.
These funds will be used to increase production capacity and to support the business development efforts of Log 9's latest rapid charging battery technology, which has completed successful pilots and is set to go commercial in October 2021.
The investment in Log 9 Materials by Amara Raja is part of the company's strategy to focus on new green technologies and solutions.
While providing impetus to Log 9's ongoing R&D efforts, Amara Raja is expected to be the primary partner in scaling up the manufacturing operations of Log 9's battery and fuel cell technologies.
Log 9's newly developed rapid charging battery packs address multiple challenges in order to accelerate the adoption of electric two- and three-wheelers in India; the company's flagship aluminium fuel cell technology is aimed at long-distance electric mobility and as a zero-emission alternative to diesel generators.
"The investment was in line with the company’s plans to invest in cutting-edge technologies to accelerate its evolution towards becoming an ‘energy and mobility’ enterprise. This will mark the first in a series of interesting developments that we plan to execute in the future,” says, Vikramadithya Gourineni, Executive Director, Amara Raja Batteries.
Akshay Singhal, Founder and CEO, Log 9 Materials, said, “We are delighted to have ARBL as one of the anchor investors in the Series A+ funding round of Log 9. The partnership with ARBL will enable us to propel commercialisation at scale of our rapid charging batteries, which, in turn, shall play a major role in the future... in Log 9 eventually becoming the frontrunner and one of the largest Indian players in advanced cell chemistries.”
Exfinity Ventures and Sequoia Capital India's Surge Programme are among Log 9's existing investors, and the company has attracted a slew of new investors as part of its Series A+ funding round.
The startup intends to establish local cell manufacturing for these technologies under the advanced chemistry cell production-linked incentive (ACC PLI) scheme's niche category.
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