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Deep-tech battery startup Log9 on Monday said it has raised $40 million as a part of its Series B funding, in a mix of equity and debt led by Amara Raja Batteries Ltd and Petronas Ventures.
Log9, backed by its recent series of investments, aims to solve the challenges around safety, reliability, and performance by investing further into cell and battery technologies.
"The recent round of investments will allow us to grow our battery manufacturing capabilities to a 2 GWH capacity by the end of 2024 and commission India's first fully integrated lithium-ion cell production line," said Dr Akshay Singhal, Founder and CEO, Log9.
He said that more than Rs 100 crore will be invested towards advancements in cell and battery technology stacks.
"We will also be aggressively pursuing pilots in overseas markets over the next few quarters, with a particular focus on the tropical belt," Singhal added.
Founded in 2015 by Dr Singhal, Kartik Hajela and Pankaj Sharma, Log9 has over 70 patents.
Its range of batteries promises to charge 9x faster, last 9x longer and offer 9x higher performance and safety.
"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, Amara Raja Batteries Ltd.
Arni Laily, Head of Petronas Ventures added that this partnership will further enhance the company's "expansion in the new energy and green mobility sectors".
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Mon, January 23 2023. 11:29 IST