Bengaluru-Headquartered Log 9 Materials Raises Funding $8.5M Round Led By Amara Raja Batteries
- BySheetal Sidhu | August 9, 2021
Log 9 Materials, a Bengaluru-headquartered advanced battery-tech and deeptech startup, 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. The company has raised an investment of $5 million from Amara Raja Batteries during its ongoing Series A+ funding round. The fresh funds raised will be utilised to expand production capacity and business development efforts of Log 9’s Rapid Charging Battery technology, which has already completed successful pilots and is due for commercial roll-out in October 2021. Further, these funds will also be utilised to advance the startup’s Supercapacitor and Aluminum Fuel Cell based innovations.
Akshay Singhal, Founder and CEO, Log 9 Materials said, “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 frontrunner 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.”
Chinnu Senthilkumar, General Partner and CTO, Exfinity Venture Partners, said, “In the last 18-24 months, Log 9 Materials has made tremendous progress, both on core technology development and strategic OEM business tie-ups. ARBL’s anchor participation in the Series A+ round and strategic partnership further validates Log 9’s cutting-edge technology solutions and its future commercial potential.”
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