Log9 Bags USD 40 Million in Series B Funding Round

Abhishek Kumar Singh
Abhishek Kumar Singh Jan 23 2023 - 3 min read
Log9 Bags USD 40 Million in Series B Funding Round
Founder of Log9 Dr. Akshay Singhal announced that the company will be using the investment money to grow the 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.

Deep-tech Battery start-up Log9, has raised a fresh round of capital worth USD 40 Mn (INR 32 Cr) as a part of its Series B Funding. Investors like Amara Raja Batteries Ltd. and Petronas Ventures were a part of this funding round. Other investors in this round were Incred Financial Services Private Ltd., Unity Small Finance Bank, Oxyzo Financial Services Private Ltd. and Western Capital Advisors Private Ltd. Some of the existing investors in the company are CBC Japan, Grip Invest Advisors Private Ltd., Cornerstone Venture Partners, LO Funds and Oxy Capital.

Founded in 2015 by Dr. Akshay Singhal, Kartik Hajela and Pankaj Sharma, Log9 work in the field of battery innovation for the Indian EV sector. Backed by cutting-edge technology, the company already owns more than 70 patents. Log9 claims to be the only Indian company today that holds in-house competencies ranging from electrode materials to cell fabrication to battery packs. The company promised that battery made by them charge 9x faster, last 9x longer and offer 9x higher performance and safety.

Founder of Log9 materials, Dr. Akshay Singhal, commented on the fundraise saying, “Log9 has always been invested in providing its customers with the most sophisticated and efficient batteries, based on both LTO and LFP lithium-ion technologies. The recent round of investments will allow us to grow our 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.” He added that the company is planning to invest over INR 100 for advancements in cell and battery technology stacks.
“As a battery technology pioneer, we foresee these investments to cement our position as a leader in the commercial EV space and to expand into stationary battery sectors such as power backup and grid storage. We will also be aggressively pursuing pilots in overseas markets over the next few quarters, with a particular focus on the tropical belt,” he added further.

Executive director of Amara Raja Batteries Ltd, Vikramaditya Gourineni, were also present during the funding round. He said that Log9’s progress in the field must play an important role in meeting India’s growing aspirations in the Energy and Mobility space. “Battery manufacturing is the most critical part of the value chain that needs to be localized, and batteries designed in India for India will pave the way,” he mentioned.

According to the company, Log9 has been investing in nurturing the talent pool across the country to empower the Electric Vehicle sector of India. The company has taken various measures to bridge the gap between the industry and the academia.
“With a firm belief that the answer to India’s self-reliance in energy and technology lies in indigenising the EV sector, Log9 has led the cause by designing batteries ground up and fuelling this vision further is its efforts to nurture talent across the engineering colleges in India,” said the official release of Log9.

Arni Laily, Head of PETRONAS Ventures said, “Log9’s approach to the future of energy continues to excite us and strongly aligns with the investment priorities of PETRONAS Ventures. This partnership will further enhance PETRONAS' expansion in the new energy and green mobility sectors.”

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