Advanced deep-tech battery startup Log9, based in Bengaluru, has raised a new round of capital for $40 million (Rs 330 crore) as part of its Series B Funding.
Amara Raja Batteries and Petronas Ventures led a mix of equity and debt financing for the startup, and other notable investors including Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services, and Western Capital Advisors also participated. CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital, and other notable angel investors are also supporting the startup.
The start-up claims to be the only business in India with internal competencies in everything from electrode materials to cell manufacturing to battery packs. It has submitted more than 70 patent applications.
Dr. 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 ltihium-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.”
“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,” he added.
The company claims that as the demand for electric vehicles rises, so do the problems with battery safety, range anxiety, and infrastructure for charging, among other things. The time is also right because several well-known national and international brands are praising electric vehicles as a promising tool for them to achieve their sustainability objectives.
By making additional investments in cell and battery technologies specifically created for a demanding ecosystem like India and the tropics, Log9 hopes to address the issues of safety, dependability, and performance.
