Log9, a deep-tech battery start-up, has raised a fresh round of capital worth $40 million as a part of its Series B Funding. The start-up witnessed a mix of equity and debt raised led by Amara Raja Batteries and Petronas Ventures and saw participation from other investors such as Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services and Western Capital.
Dr Akshay Singhal, Founder and CEO, Log9, noted that the recent round of investments will allow the start-up to grow its battery manufacturing capabilities to a two GWH capacity by the end of 2024 and commission India's first fully integrated Lithium Ion Cell production line.
He said, “Furthermore, over INR 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.”
Also on the card are pilots in international markets. Log9 is backed by CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital and other leading angel investors.
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.”