[Funding alert] Deeptech startup Log 9 Materials raises $8.5M in Series A+ led by Amara Raja Batteries
Log 9 Materials, a Bengaluru-headquartered advanced battery-tech and deeptech startup, on Monday announced an equity partnership and collaboration with Amara Raja Batteries (ARBL), a battery technology leader and one of India’s largest manufacturers of industrial and automotive batteries.
The company has raised an investment of $5 million from Amara Raja Batteries during its ongoing Series A+ funding round.
Akshay Singhal, Founder and CEO, Log 9 Materials said, “The partnership with ARBL will enable us to propel commercialisation at scale of our Rapid Charging Batteries, which in turn shall play a major role in the future in Log 9 eventually becoming the frontrunner and one of the largest Indian players in advanced cell chemistries. In the upcoming months of 2021, we at Log 9 are looking to take our breakthrough rapid charging battery-tech to end-users at scale; on the other hand, the development and advancements of our Aluminum Fuel Cells will also continue to happen in parallel -- including pilots and OEM-level vehicular integrations.”
Log 9 Founders (L:R) Akshay Singhal, Kartik Hajela
ARBL's investment in Log 9 Materials is a part of the 'Energy and Mobility' strategy announced by the company in June this year, which focuses on entering into new green technologies and solutions. These initiatives will include expansion and investments that will help the firm maintain technological and business leadership in the 'Energy & Mobility' space, apart from creating new growth avenues.
While providing an impetus to the research and development work at ongoing projects of Log 9, ARBL is expected to be the primary partner for scaling up the manufacturing operations of Log 9's battery and fuel cell technologies.
The startup's newly-developed Rapid Charging Battery Packs solve multiple challenges to expedite 2/3 wheeler EV adoption in India, whereas Log 9’s flagship Aluminum Fuel Cell technology is targeted towards long-haul electric mobility and as a zero emission alternative to diesel generators.
Vikramadithya Gourineni, Executive Director at ARBL, said, that their investment is in line with ARBL’s plans to invest in cutting-edge technologies to accelerate its evolution towards becoming an 'Energy & Mobility' enterprise.
Log 9 is also announced that it has secured funding from existing investors including Exfinity Ventures and Sequoia Capital India's Surge Programme, alongside a clutch of new investors, as a part of its Series A+ funding round. The strategic angels who also participated in this funding round are -- Rajesh Yabaji and Chanakya Hridaya, Co-founders of logistics industry Unicorn Blackbuck; Rajesh Ramaiah, Partner, Premji Invest; Desikan Sundarajan, MD, Equinor and Faiz Mayalakkara, Director Investments, Emirates Investment Authority. AC Ventures (SEA Frontier Fund LLP) is also among the new investors of Log 9.
Chinnu Senthilkumar, General Partner and CTO, Exfinity Venture Partners, said,
“In the last 18-24 months, Log 9 Materials has made tremendous progress, both on core technology development and strategic OEM business tie-ups. ARBL's anchor participation in the Series A+ round and strategic partnership further validates Log 9's cutting-edge technology solutions and its future commercial potential."
The new investors have, along with the existing investors, invested around $8.5 million in the ongoing $10-12 million Series A+ round.
The fresh funds raised will be utilised to expand production capacity and business development efforts of Log 9’s Rapid Charging Battery technology, which has already completed successful pilots and is due for commercial roll-out in October 2021. Further, these funds will also be utilised to advance the startup’s Supercapacitor and Aluminum Fuel Cell based innovations.