Battery-tech Log 9 Materials raises $2 million from Malaysia based Petronas Ventures

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Bengaluru based advanced battery-tech and deep tech start-up Log 9 Materials raised $2 million (around Rs14 crore) investment from Petronas Ventures, the venture capital arm of Petronas, a global energy and solutions company.

In August, the platform had raised $8.5 million (Rs63 crore) in a Series A+ round led by Amara Raja Batteries. With the fresh capital rise, Log 9 Materials said it concluded its Series A+ round of $10 million, where investors, including Exfinity Ventures, Sequoia Capital India’s Surge Programme, and a clutch of strategic angel investors, also participated.

The funds raised from Petronas Ventures along with the funds previously raised in this round will be used by Log 9 to launch and scale the Log 9 InstaCharge Network of electric vehicles –wherein Log 9 has integrated its fast-charging batteries named RapidX Batteries with various 2 Wheeler and 3 Wheeler OEMs in order to create RapidEV variants of their existing vehicles. The start-up plans to deploy around 5000 vehicles in the next 6 months within its InstaCharge Network.

“(This investment) enables us to accelerate our ongoing mission of introducing our breakthrough InstaCharge (rapid charging) battery technology to a plethora of end-users, and in positioning Log 9 as the largest Indian player in advanced cell chemistries,” said Akshay Singhal, cofounder and CEO at Log 9 Materials.

In the future, the company has ambitious plans to work with the Petronas business units to accelerate renewable energy adoption with its advanced battery solutions for grid-level energy storage, he said.

“Log 9’s batteries are capable of fully charging in 15 minutes for a two-wheeler and 40 minutes for a three-wheeler, making them ideal for commercial use cases. Furthermore, these batteries have a life of over 15,000 cycles, corresponding to over 15 years of usage, with already being certified less than 3% degradation in the life of a typical last-mile delivery vehicle. The commercial launch of Log 9’s Rapid Charging Batteries is scheduled for October 2021,” the start-up said.



Categories: Venture Capital

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