Battery startup Log9 raises $40M in Series B round
The startup will use the fresh capital to expand its battery manufacturing capabilities and bolster R&D in cell and battery technology.
Deeptech battery startup has raised $40 million in its Series B funding round led by Amara Raja Batteries and PETRONAS Ventures.
The round, a mix of equity and debt, also saw participation from other marquee investors such as Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services, and Western Capital Advisors.
The startup will use the fresh capital to expand its 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. Further, over Rs 100 crore will be invested towards advancements in cell and battery technology stacks.
“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," said Founder and CEO Akshay Singhal.
"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.
Founded in 2015 by Akshay Singhal, Kartik Hajela, and Pankaj Sharma, Log9 is an indigenous deeptech and advanced battery-tech startup that offers fast-charging batteries that the startup claims last longer and offer higher performance and safety.
“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," said Vikramaditya Gourineni, Executive Director, Amara Raja Batteries.
It is also backed by CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital, and other leading angel investors.
“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," said Arni Laily, Head of PETRONAS Ventures.
The startup has also invested in budding startups and organisations such as Chara Technologies. Individually, the founders have invested in Climes, Metastable Materials, Loopworm, Praan.io, and TSaw.
Edited by Affirunisa Kankudti