Bengaluru-headquartered advanced battery-tech, and deep-tech start-up, Log 9 Materials, has 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 start-up said it has raised an investment of $5 million from ARBL during its ongoing Series A+ funding round. ARBL’s investment in Log 9 Materials is a part of the bold ‘Energy & Mobility’ strategy announced last June, which focuses on entering into new green technologies and solutions. These initiatives will include expansion and investments that will help the company maintain technological and business leadership in the energy and mobility space, besides 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 Log9’s battery and fuel cell technologies.
Log 9’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.
Akshay Singhal, Founder & CEO, Log 9 Materials, said the partnership with ARBL will enable the company to propel commercialisation at the scale of its Rapid Charging Batteries, which in turn shall play a significant role in the future in Log 9 eventually becoming the frontrunner and one of the largest Indian players in advanced cell chemistries.
The company is looking to take its rapid charging battery tech to end-users at scale. In addition, the development and advancements of its aluminium fuel cells will also continue to happen in parallel, including pilots and OEM-level vehicular integrations, he added.
Vikramadithya Gourineni, Executive Director, ARBL, said that its investment aligns with ARBL’s plans to invest in cutting-edge technologies to accelerate its evolution towards becoming an Energy & Mobility enterprise. “This will mark the first in a series of interesting developments that we plan to execute in the future. In this fast-changing technology landscape, we do not believe in a ‘one-size-fits-all’ approach, and we are convinced that there will be the scope for the interplay of multiple technology solutions for various applications, Gourineni added.
Along with the existing investors, the new investors have 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.