Log9 will utilise the fundraising to grow its 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.
Akshay Singhal founded battery-to-cell maker Log9 has raised a fresh round of capital worth $40 million as a part of its Series B Funding.
This round was led by Amara Raja Batteries and PETRONAS Ventures along with investors such as Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services, and Western Capital Advisors.
The maker of the Battrix range of batteries is looking to invest over ₹100 crore towards advancements in cell and battery technology stacks.
Log9 also has the backing from CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital and other leading angel investors will be looking to use fundraising to grow its 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.
"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” said Akshay Singhal, CEO and founder, Log9 Material commenting on the fundraise.
Part of the fundraising will also be deployed to budding start-ups and organizations that are solving challenges related to charging infrastructure, technology ancillaries, and companies fighting climate change at large, Singhal of Log9 further added.
Vikramaditya Gourineni, Executive Director, Amara Raja Batteries sharing their insights into Log9's business stated that 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 for a rich EV ecosystem.”
Arni Laily, Head of PETRONAS Ventures expressing their comments on the partnership, said that their investment in Log9 will further "enhance PETRONAS' expansion in the new energy and green mobility sectors”.
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