Log 9 Materials partners Fortum India to develop EV charging infrastructure
A Bengaluru based Log 9 Materials an advanced battery technology startup has partnered with the Indian subsidiary of Finnish clean energy company Fortum to deploy and provide access to public fast chargers for two-wheeler and three-wheeler electric vehicles (EVs) in the country.
This partnership will long for at least 24 months and these chargers charge the vehicles within 15-30 minutes. Log 9 Materials has built the InstaCharge capabilities in their proprietary “RapidX” battery packs for electric two-wheelers and three-wheelers. There will be more chance to charge a number of electric vehicles as Log 9’s InstaCharging charges the vehicles very fast. The partnership aims to provide charging stations solutions to its Indian customers.
Akshay Singhal, Founder & CEO, Log 9 Materials says, “Availability of widespread charging infrastructure is a key driver for EV adoption in India and forms a critical factor in terms of the customer experience too. On the other hand, to justify the charging infrastructure costs, a critical mass of EVs need to be functional on-road. Additionally, to minimize downtime and maintain operational efficiency of commercial vehicles, fast-charging is a must.”
As per the partnership, the consumers charging Log 9 powered vehicles at the Fortum EV charging station will be incentivised as a preferential tariff. The tariff scheme is only applied at the charging stations located in Hyderabad city and Vijaywada Highway at present.
In August Log 9 Materials has raised $8.5 million (Rs 63 crore) in its ongoing Series A+ funding round led by Amara Raja Batteries India’s leading battery manufacturer. Amara Raja has invested $5 million and others $3.5 million.
Amara Raja, Log 9 has also got funding from existing investors including Exfinity Ventures and Sequoia Capital India’s Surge Programme. Altogether, the existing and the new investors have invested around $8.5 million in the ongoing $10-12 million Series A+ round.
Log 9 Materials
Log 9 Materials is an IIT Roorkee incubated startup that works on nanotechnology and specializing in Graphene. They are a 60 member team of scientists and engineers working on commercializing Graphene. They constantly work in the synthesis of various forms, functions, and applications of graphene. Previously, Log9 materials developed an Aluminium-air fuel cell that is capable of achieving a 1000 km range. Now they have another product for EV which is a battery pack that can rapidly charge for 15 minutes.
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