Bengaluru, Karnataka
Log 9
Materials has announced an equity partnership and collaboration with Amara Raja
Batteries (ARBL), and raised an investment of $5 million from ARBL during its
ongoing Series A+ funding round.
ARBL's
investment in Log 9 Materials is a part of the bold 'Energy & Mobility'
strategy announced by the Company in June this year, which focuses on entering
into new green technologies and solutions. These initiatives will include
expansion and investments that will help the Company maintain technological and
business leadership in the 'Energy & Mobility' space, besides creating new
growth avenues.
While providing an impetus to the research and development work at ongoing projects of Log 9, ARBL is expected to be the primary partner for scaling up the manufacturing operations of Log9's battery and fuel cell technologies.
Akshay Singhal, Founder & CEO, Log 9 Materials says that, they are delighted to have ARBL as one of the anchor investors in the Series A+ funding round of Log 9 and the partnership will enable them to propel commercialization at scale of the Rapid Charging Batteries.
The new investors and the existing investors, have invested around $8.5 million in the ongoing $10-12 million Series A+ round.
, founded in 2015, is a cutting-edge deep tech startup providing state of the art batteries suited for Indian and other developing markets. Log 9 is the only company in India currently having competencies across materials, electrode, cell, and pack level fabrication of energy storage technologies.
Amara Raja Batteries Limited is an Energy and Mobility enterprise and one of the largest manufacturers of energy storage products for both industrial and automotive applications in the Indian battery industry.
Source: Log 9 Press Release
Image Source: Log 9 Press Release
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