New Delhi, Jan 23 (PTI) Advanced technology battery start-up Log9 Material on Monday said it has raised USD 40 million (nearly Rs 325 crore) in Series B funding led by Amara Raja Batteries Ltd and Petronas Ventures.
The round was also participated by other investors, including Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services and Western Capital Advisors.
“The recent round of investments will allow us to grow our battery manufacturing capabilities to a 2 GWH capacity by the end of 2024,” Log9 Material Founder and CEO Akshay Singhal said in a statement.
He further said it will also help the company to commission its first fully integrated Lithium Ion Cell production line.
“Furthermore, over Rs 100 crore will be invested towards advancements in cell and battery technology stacks,” Singhal added.
Log9 said it also plans to invest a part of the raised funds into “budding start-ups and organisations that are solving challenges related to charging infrastructure, technology ancillaries and companies fighting climate change at large”.
On the company’s investment, Amara Raja Batteries Executive Director Vikramaditya Gourineni said, “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.”
Petronas Ventures Head Arni Laily 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.”
Log9 is also backed by CBC Japan, Grip Invest Advisors Private Ltd., Cornerstone Venture Partners, LO Funds, Oxy Capital and other leading angel investors.