Log 9 Materials Raises $8.5 Mn Series A+ Funding Led By Amara Raja Batteries
The fresh funds raised will be utilized to expand the production capacity and business development efforts of Log 9's latest innovation
Bengaluru-headquartered batterytech, and deeptech startup Log 9 Materials, on Monday, announced an equity partnership and collaboration with Amara Raja Batteries (ARBL), a battery technology platform and manufacturer of industrial and automotive batteries.
Notably, Log 9 has raised an investment of $5 million from Amara Raja Batteries during its ongoing Series A+ funding round. The strategic angels who also participated in this funding round are Rajesh Yabaji and Chanakya Hridaya; Rajesh Ramaiah; Desikan Sundarajan and Faiz Mayalakkara. AC Ventures (SEA Frontier Fund LLP) is also among the new investors of Log 9.
"We are delighted to have ARBL as one of the anchor investors in the Series A+ funding round of Log 9. The partnership with ARBL will enable us to propel commercialization at the 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," said Akshay Singhal, founder, and chief executive officer, Log 9 Materials.
ARBL's investment in Log 9 Materials is a part of the bold 'Energy & 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 Company maintain technological and business leadership in the 'Energy & Mobility' space, apart from creating new growth avenues.
"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. We believe that Log 9 has made great progress in developing a range of technologies that will prove very promising in emerging mobility applications. I am confident that both entities can derive significant synergies resulting in mutual long-term benefits. This investment is in line with our Core purpose and our Values, The Amara Raja Way®," shared Vikramadithya Gourineni, executive director, ARBL.
The investment will boost the development of indigenous technologies in India's nascent advanced battery sector for fast-emerging storage and mobility solutions. 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.
"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. ARBL's decades of pioneering experience - New Product launch, leadership in large scale manufacturing, know-how, etc. give a mega boost to Log 9's vision and long-term strategy," added Chinnu Senthilkumar, general partner, and chief technology officer, Exfinity Venture Partners LLP.
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 utilized to expand production capacity and business development efforts of Log 9's latest innovation -- 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 utilized to advance the startup's Supercapacitor and Aluminum Fuel Cell-based innovations. The startup plans to set up local cell manufacturing for these technologies under the niche category of the ACC PLI Scheme in the coming years.