Log 9 Materials raises $ 8.5 million in series A+ led by Amara Raja Batteries

Advanced Battery & Fuel Cell Start-up Log 9 Materials has raised an investment of $5 Million from Amara Raja Batteries (ARBL) during its ongoing Series A+ funding round. The Bangalore based company has raised another $3.5 million from multiple existing investors (including Exfinity Ventures and Sequoia Capital India’s Surge Programme) alongside a clutch of new investors, as a part of the ongoing $10-12 Million Series A+ round.

The strategic angels who also participated in this funding round are – Rajesh Yabaji and Chanakya Hridaya, Co-Founders of logistics industry Unicorn Blackbuck; Rajesh Ramaiah, Partner, Premji Invest; Desikan Sundarajan, MD, Equinor and Faiz Mayalakkara, Director Investments, Emirates Investment Authority. AC Ventures (SEA Frontier Fund LLP) is also among the new investors of Log 9. 

Watch – Log 9 Materials Founder Dr Akshay Singhal in conversation with EVreporter

The fresh funds raised will be utilized to expand production capacity and business development efforts of Log 9’s latest offering – Rapid Charging Battery technology (claims 15 min recharge time for e2W battery and 40 min recharge time of e3W battery) – which has completed successful pilots and is due for commercial roll-out in October 2021. The company claims a battery life of over 15,000 cycles with less than 3% degradation in the life of a typical last-mile delivery vehicle and they already have secured an order book of 25,000 packs.

These funds will also be utilized to advance Log9’s Supercapacitor and Aluminum Fuel Cell-based innovations. The start-up plans to set up local cell manufacturing for these technologies under the niche category of the ACC PLI Scheme in the coming years.

Amara Raja Batteries (ARBL) is a battery technology leader and one of India’s largest manufacturers of industrial and automotive batteries. Its investment in Log 9 is a part of its bold ‘Energy & Mobility’ strategy announced in June this year, which focuses on entering into new green technologies and solutions. With this investment, ARBL is expected to be the primary partner for scaling up the manufacturing operations of Log9’s battery and fuel cell technologies. 

Vikramadithya Gourineni, Executive Director at ARBL said that their investment is in line with their 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“, he adds.