Advanced battery technology start-up, Log 9 Materials, said on Monday it had raised $ 8.5 million (around Rs 63 crore) in a funding round led by Amara Raja Batteries.
The company has also entered into an equity partnership and collaboration with Amara Raja Batteries Ltd (ARBL), a leading manufacturer of industrial and automotive batteries, Log 9 Materials said in a statement.
ARBL was the lead investor in this funding round, making an investment of $ 5 million (Rs 37 crore).
Existing investors, including Exfinity Ventures and Sequoia Capital India’s Surge program, as well as a group of new investors were also part of the Series A + funding round, he added.
“The new investors, along with the existing investors, have invested approximately $ 8.5 million in the current Series A + cycle of $ 10 to 12 million,” the company said.
The new funds raised will be used to expand the production capacity and business development efforts of Log 9’s latest innovation – fast-charge battery technology – which has already completed pilot projects and is expected to be commercially rolled out in October. 2021, he added.
The Bengaluru-based start-up said: “ARBL’s investment in Log 9 Materials is part of the bold ‘Energy and Mobility’ strategy announced by the company in June this year, which focuses on entry into new green technologies. and solutions. “
These initiatives will include expansion and investments that will help ARBL maintain its technological and business leadership in the “Energy and Mobility” space, in addition to creating new avenues for growth, the statement added.
“The partnership with ARBL will allow us to propel the large-scale commercialization of our fast-charge batteries, which in turn will play a major role in the future for Log 9 to eventually become the leader and one of the biggest players. Indian advanced cell chemistry. Log 9 Materials Founder and CEO Akshay Singhal said.
He further said: “Over the next few months of 2021, we at Log 9 are looking to bring our revolutionary fast-charge battery technology to large-scale end users.”
On the other hand, Singhal said the development and advancement of the company’s aluminum fuel cells will also continue in parallel, including OEM-level pilot and vehicle integrations.
While giving impetus to research and development work on ongoing Log 9 projects, ARBL is expected to be the primary partner to scale up manufacturing operations for Log 9’s battery and fuel cell technologies, the statement said.
ARBL Executive Director Vikramadithya Gourineni said the company’s investment in Log 9 Materials is in line with ARBL’s plans to invest in cutting-edge technologies to accelerate its evolution into an “Energy and Mobility” business .
“This will mark the first in a series of interesting developments that we plan to execute in the future. In this rapidly changing technological landscape, we do not believe in a “one size fits all” approach and we are convinced that there will be the possibility of interacting multiple technological solutions for various applications ”, he added.
Log 9 Materials said that the “strategic angels” who also participated in the last funding round are – Rajesh Yabaji and Chanakya Hridaya, co-founders of the Unicorn Blackbuck logistics industry; Rajesh Ramaiah, partner, Premji Invest; Desikan Sundarajan, MD, Equinor and Faiz Mayalakkara, Director of Investments, Emirates Investment Authority and AC Ventures (SEA Frontier Fund LLP).
The funds will also be used to advance the start-up’s innovations based on supercapacitors and aluminum fuel cells. It plans to implement local cell manufacturing for these technologies in the niche category of the Advanced Chemistry Cell (PLI ACC) program in the coming years, the company added.
Commenting on his continued investment in Log 9 Materials, Chinnu Senthilkumar, Managing Partner and CTO of Exfinity Venture Partners LLP, said: “Over the past 18-24 months, Log 9 Materials has made tremendous progress, at both on core technology development and on strategic business links with OEMs. . “
ARBL’s key participation in the A + Series round of funding and strategic partnership further validates Log 9’s advanced technological solutions and future business potential. ARBL’s decades of pioneering experience – new product launches, leadership in large-scale manufacturing, know-how, etc. give a huge boost to Log 9’s long-term vision and strategy, Senthilkumar added.