Indian Nanotechnology Company Log9 Materials raises $2 million led by Petronas Ventures
The financing, which was led by automotive battery firm Amara Raja Batteries NSE 0.17 percent and included participation from Exfinity Ventures and Sequoia Capital India's Surge Programme, brought the company's $10 million Series A+ round to a completion.
The funds will be used to launch and scale Log 9 Materials' fast-charging lithium-ion battery technology, which the company claims can fully charge a two-wheeler EV in under 15 minutes.
Aside from that, it will invest in improving cell and battery pack production capabilities.
The startup was named the winner of the ET Startup Awards' Top Innovator category in the most recent edition.
“(This investment) enables us to accelerate our ongoing mission of introducing our breakthrough InstaCharge (rapid charging) battery technology to a plethora of end-users, and in positioning Log 9 as the largest Indian player in advanced cell chemistries,” said Akshay Singhal, cofounder and CEO at Log 9 Materials.
Singhal further stated that Log 9 intends to collaborate with Petronas to further enhance its grid-level energy storage technology in order to speed the adoption of renewable energy. He also stated that OEM integrations of the company's aluminium fuel cells will continue.
Log 9 has announced that its rapid-charging batteries will go on sale this month, with a goal of deploying 5,000 vehicles with the technology in the next six months.
“Log9’s technology and solution are aligned with PETRONAS Ventures investment focus in the space of future of Energy’ and we believe that this investment will complement PETRONAS’ growth in the new energy business,” said Arni Laily Anwarrudin, head of Petronas Ventures.