BHUBANESWAR, AUG 9, 2021
Log 9 Materials, a Bengaluru-headquartered advanced battery-tech and deep-tech start-up, on Monday announced an equity partnership and collaboration with Amara Raja Batteries (ARBL), a battery technology leader and one of India’s largest manufacturers 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.
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.
The investment will boost 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 Aluminium Fuel Cell technology is targeted towards long-haul electric mobility and as a zero emission alternative to diesel generators.
“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 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,” said Akshay Singhal, Founder & CEO, Log 9 Materials.
“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 Aluminium Fuel Cells will also continue to happen in parallel — including pilots and OEM-level vehicular integrations,” he added.
Vikramadithya Gourineni, Executive Director at ARBL, said that their investment is in line with ARBL’s 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. 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 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,” he added. Log 9 has also secured funding from existing investors including Exfinity Ventures and Sequoia Capital India’s Surge Programme, alongside a clutch of new investors, as a part of its Series A+ funding round.