Log9 Materials, an advanced deep-tech battery start-up, has raised $40 million as a part of its Series B funding.
The round, which was a mix of equity and debt, was led by Amara Raja Batteries Ltd and Petronas Ventures. It also saw participation from other investors, including Incred Financial Services Private Ltd, Unity Small Finance Bank, Oxyzo Financial Services Private Ltd, and Western Capital Advisors Private Ltd.
“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 a fully integrated Lithium Ion Cell production line,” said Akshay Singhal, Founder and CEO, Log9 Materials.
He added, “Over ₹100 crore will be invested towards advancements in cell and battery technology stacks. As a battery technology pioneer, we foresee these investments helping 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.”
Additionally, Log9 claims to have invested in building up the talent pool across the country and has taken measures to bridge the gap between the industry and academia.
“With a firm belief that the answer to India’s self-reliance in energy and technology lies in indigenising the EV sector, the company has led the cause by designing batteries from the ground up and aims to nurture talent across the engineering colleges in India,” it added.
Vikramaditya Gourineni, Executive Director, Amara Raja Batteries Ltd 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.”
Log9 is backed by CBC Japan, Grip Invest Advisors Private Ltd, Cornerstone Venture Partners, LO Funds, Oxy Capital and other angel investors.