Bengaluru-based battery-tech startup Log 9 Materials has raised $2 Mn in funding from global energy solutions company PETRONAS. This took the total funds raised in this round of funding at $10 Mn.
The Series A round was led by Amara Raja Batteries, and saw participation from Exfinity Ventures and Sequoia Capital India’s Surge Programme. Log 9 will use the funds to launch and scale their Log 9 InstaCharge Network of electric vehicles.
Founded in 2015 by Akshay Singhal and Karthik Hajela, Log 9 aims to manufacture batteries that are specially suited to the demands of India and other emerging markets.
In this project, the startup has integrated their ‘RapidX’ fast-charging batteries with various two-wheeler and three-wheeler OEMs. It plans on deploying as many as 5000 vehicles in the network.
The funds raised in the round will also be used to develop and scale Log 9’s manufacturing capabilities from material to cell to battery pack.
According to a press note, Log 9 has already completed more than ten test pilots with fleet operators for a run of over 3000km. The batteries are reportedly capable of being charged in 15 minutes for a two-wheeler and 40 minutes for a three-wheeler.
With fuel prices at an all-time high and the government’s new scrappage policy going into effect, electric vehicles are about to take off in India, and domestic brands will be looking to capitalise on that.
During a conference by a media house today, Ketan Mehta, MD and founder of electric bike manufacturer Hop Electric spoke about how the rise of EVs will lower the threshold of entry into the market for small vehicle manufacturers.
While it is true that electric vehicles are in some ways a little simpler than internal combustion vehicles, battery technology can make or break a brand. Amidst India’s concerns about depending on China for mass-produced and viable batteries, the domestic battery tech market has great potential.
Last week, Bhavish Aggarwal-led Ola electric raised $200 Mn at a $3 Bn valuation, making it one of the most valuable newly-minted EV manufacturers. The EV unicorn is building a ‘Future Factory’ in Tamil Nadu, which will be run by 10,000 women employees.