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Log9 Mobility avails Rs 10 cr debt-financing facility from cKers

Log9 Mobility, a wholly-owned subsidiary of advanced battery-tech startup Log9 Materials, has availed a Rs 10 crore debt-financing facility from sustainable energy financing firm cKers.

Log9 Mobility avails Rs 10 cr debt-financing facility from cKers

Log9 Mobility, a wholly-owned subsidiary of advanced battery-tech startup Log9 Materials, has availed a Rs 10 crore debt-financing facility from sustainable energy financing firm cKers.

cKers, which is focused on financing sustainability and clean energy, has provided an initial facility of Rs 100 million to Log9 Mobility which is being used to accelerate the deployment of EVs integrated with Log9 Material’s fast charging batteries under a Mobility as a Service (MaaS) model, a company statement said.

“We are delighted to partner with cKers Finance to enable deployment of Log9 battery-based vehicles in India,” said Akshay Singhal, Founder & CEO, Log9 said, Log9 is continuously working on integrating its battery technology with electric vehicle OEMs for different form factors including e-2/3/4 wheelers and e-buses, he said.Deepak Gupta, Business Development Head at cKers said, “cKers has been investing in EVs for over two years now and has already committed lines enabling the deployment of over 3,000 e2Ws and 1,000 electric three-wheelers-loaders, giving it a head start in financing clean mobility”.

The company has launched its Driver-cum-owner (DCO) program, which will create accessibility of green finance for drivers looking to become owners and shift from traditional fossil fuel-based ICE vehicles to EVs, he added.Log9 Mobility is deploying over 1,000 Omega Seiki’s Range+ RapidEV three-wheelers under the MaaS model with third-party logistics (3PL) service providers, said the release, adding, the model allows customers to onboard vehicles with no upfront capital cost or needs to own the vehicle.

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