Log 9 Materials raises $8.5 million in fresh round led by Amara Raja
Log 9 has raised an investment of $5 million from Amara Raja during its ongoing Series A+ funding round.
Hyderabad: Log 9 Materials, a Bengaluru-based advanced battery-tech and deep-tech startup, announced an equity partnership and collaboration with Amara Raja Batteries (ARBL), a manufacturer of industrial and automotive batteries. Log 9 has raised an investment of $5 million from Amara Raja during its ongoing Series A+ funding round. Log 9 has raised another $3.5 million from multiple existing and new investors.
ARBL’s investment in Log 9 Materials is a part of the ‘Energy & Mobility’ strategy announced by the company in June this year, which focuses on entering into new green technologies and solutions.
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.
Akshay Singhal, Founder & CEO, Log 9 Materials says, “The partnership with ARBL will enable us to propel commercialisation at scale of our Rapid Charging Batteries, which in turn shall play a major role in the future in Log 9 eventually becoming the front-runner 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.”
Vikramadithya Gourineni, ED at ARBL, said, “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.”
Log 9 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.
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