Deep-tech battery startup Log9 has received an investment of $40 million in its Series B funding round. Led by Amara Raja Batteries Ltd and Petronas Ventures, the mix of equity and debt will help the startup solve the challenges around safety, reliability, and performance.
The recent investment will enable Log9 to grow 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. Founder and CEO, Dr Akshay Singhal said that more than Rs 100 crore will be invested towards advancements in cell and battery technology stacks.
Founded in 2015 by Dr Singhal, Kartik Hajela, and Pankaj Sharma, Log9 has over 70 patents. Its range of batteries promises to charge 9x faster, last 9x longer and offer 9x higher performance and safety.
Vikramaditya Gourineni, Executive Director of Amara Raja Batteries Ltd said that 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.
Arni Laily, Head of Petronas Ventures mentioned that this partnership will Log9 is also aggressively pursuing pilots in overseas markets over the next few quarters, with a particular focus on the tropical belt. With this, Log9 looks to create a global footprint and offer solutions to the challenges surrounding battery solutions. This funding will help Log9 to continue to innovate and explore the possibilities of efficient and safe batteries. With the help of the right technology, Log9 is looking to create a global impact in the battery solution industry.