Advanced deep-tech battery startup Log9 Materials has raised $40 million in fresh funding. The Series B round was led by Petronas Ventures and Amara Raja batteries.
Akshay Singhal, the founder and CEO of Log9 Materials, claims that the most recent round of funding would allow the business to commission a fully integrated Lithium-Ion Cell production line and increase its battery manufacturing abilities to a 2 GWH capacity by the end of 2024.
“Over ₹100 crores will be invested towards advancements in cell and battery technology stacks. As a battery technology pioneer, we foresee these investments helping to cement our position as a leader in the commercial EV space and to expand into stationary battery sectors such as power backup and grid storage,” said Akshay Singhal.
Investors, including Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services, and Western Capital Advisors, participated in the series B round. CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital, and other notable angel investors have supported Log9.
The advanced battery firm based out of Bengaluru and specializes in the production, research, and development of nanotechnologies, is the first company in the nation to attempt the commercialization of the cells.
Log9 Materials is furthering India’s transition to sustainable mobility by offering batteries
In 2015, Akshay Singhal and Kartik Hajela founded Log9 Materials at IIT-Roorkee. The deep-tech nanotechnology company is creating the bottom-up cell and battery technologies in India that are tailored to tropical climates.
Since December of 2022, Log9 Materials has been producing 8,000–10,000 electric two- and three-wheeler battery packs annually. After serving E2W and E3W players, it is now trying to increase its presence in the E4W market and has also started testing 4-Wheel Electric Commercial Vehicles.
To offer E-4Ws across two-wheeler, three-wheeler, and four-wheeler platforms, it has already teamed with original equipment manufacturers like Hero Electric, EKA (a subsidiary of Pinnacle Industries), Omega Seiki Mobility, and Northway Motorsport. The company has ordered 20,000 batteries that will be distributed by the end of next year after deploying 2,000 batteries across two, three, and four-wheelers.
Vikramaditya Gourineni, Executive Director of Amara Raja Batteries, said, “The most critical part of the value chain that must be localised is battery manufacturing, and batteries designed in India for India will pave the way for a thriving EV ecosystem.”
By the end of the financial year (FY) 2026, Log9 Materials hopes to have a gigafactory up and running after the capacity of its battery pack and cell manufacturing facilities has been reached. A facility that produces batteries for electric vehicles on a massive scale is called a “gigafactory” in general.
According to the company, to deliver batteries with high energy density and fast charging capabilities, the mega facility will be involved in the production of the entire supply chain in the battery space, from battery materials to cell manufacturing, to packs and Battery Management Systems (BMS).