Bengaluru-based Log9, an advanced deep-tech battery start-up has raised a fresh round of capital worth $40 million (Rs 330 crore) as a part of its Series B Funding.
The start-up witnessed a mix of equity and debt raise led by Amara Raja Batteries and Petronas Ventures and saw participation from other marquee investors such as Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services and Western Capital Advisors. The start-up is also backed by CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital and other leading angel investors.
The start-up has filed over 70 patents and is claimed to be the only Indian company that holds in-house competencies ranging from electrode materials to cell fabrication to battery packs. Log9’s range of batteries are said to to charge 9x faster, last 9x longer and offer 9x higher performance and safety.
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 lithium-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. Furthermore, over Rs 100 crore will be invested towards advancements in cell and battery technology stacks.”
“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 says the development comes at a time when the demand for electric vehicles is increasing, so are the challenges of battery safety, range anxiety and charging infrastructure among other. The time is also ripe considering some of the leading domestic and global brands touting for electric vehicles as a promising enabler for them to meet their sustainability goals.
Log9 aims to solve the challenges around safety, reliability, and performance by investing further into cell and battery technologies, designed bespoke for a trying ecosystem such as India and the tropical belt.
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.”
Arni Laily, Head of Petronas Ventures said, “Log9’s approach to the future of energy continues to excite us and strongly aligns with the investment priorities of Petronas Ventures. This partnership will further enhance Petronas’ expansion in the new energy and green mobility sectors.”