Log 9 Materials raises $8.5 mn
Log 9 Materials raises $8.5 mn in Series A+ round led by Amara Raja
Log 9 Materials a Bengaluru based EV battery-tech startup 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. Read further to know more about Log 9 Materials raises $8.5 mn funding.
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 raises $8.5 mn
The participants funded includes Co-Founders of logistics industry Unicorn Blackbuck Rajesh Yabaji and Chanakya Hridaya, Rajesh Ramaiah, Premji Invest, Desikan Sundarajan, MD, Equinor and Faiz Mayalakkara, Director Investments, Emirates Investment Authority. The fresh funds raised by Log 9 Materials will be used for the expansion of the production capacity and business development.
Akshay Singhal, Founder & CEO, Log 9 Materials says, “The partnership with ARBL will enable us to propel commercialization at the 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 are looking to take our 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.”
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.
Also, read related article: 15-minute battery from Log9
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