Log 9 Materials, a deep-tech battery startup, has raised $40 million in a Series B fundraising round led by Amara Raja Batteries and PETRONAS Ventures.
Other prominent investors like Western Capital Advisors, Incred Financial Services, Unity Small Finance Bank, and Oxyzo Financial Services also participated in the round, a mix of equity and debt.
With the fresh capital, the startup will be able to commission India’s first fully integrated Lithium-ion cell production line and expand its battery manufacturing capacity to 2 GWh by the end of 2024. To further develop cell and battery technology stacks, about Rs 100 crore would be invested.
“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,” said Founder and CEO Akshay Singhal.
“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.
Akshay Singhal, Kartik Hajela, and Pankaj Sharma founded Log9, an indigenous deeptech and advanced battery-tech startup, in 2015. The company sells fast-charging batteries that it says have higher performance, last longer and safety.
“Log9’s progress in the field is significant 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 localised, and batteries designed in India for India will pave the way,” said Vikramaditya Gourineni, Executive Director of Amara Raja Batteries.
CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital, and other major angel investors are also backing it.
“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,” said Arni Laily, Head of PETRONAS Ventures.
Additionally, the startup has invested in emerging startups and organisations, including Chara Technologies. The founders have each invested in Climes, Metastable Materials, Loopworm, Praan.io, and TSaw.