Log 9 Materials raises $2M from Petronas Ventures
Log 9 Materials, an advanced battery-tech startup, announced that it has raised $2 million in a round from Malaysia-based Petronas Ventures, the venture capital arm of global energy and solutions company Petronas’.
The platform had raised $8.5 million in a Series A+ round led by Amara Raja Batteries in August. With the latest capital infusion, Log 9 Materials announced to have concluded its Series A+ round of $10 million, which saw participation from investors including Exfinity Ventures, Sequoia Capital India’s Surge Programme, and a clutch of strategic angel investors.
Commenting on the investment, Arni Laily Anwarrudin, Head of Petronas Ventures said, “Log 9’s technology and solution are aligned with Petronas Ventures investment focus in the space of Future of Energy’, and we believe this investment will complement Petronas’ growth in the new energy business.”
The startup plans to use the freshly raised funds to roll out and ramp up the InstaCharge Network of electric vehicles, it said.
Log 9 has combined its fast-charging RapidX batteries with multiple two and three-wheeler OEMs to build RapidEV variants of their existing vehicles, the startup stated, adding, it intends to deploy about 5,000 vehicles in the next six months within its InstaCharge Network.
Speaking about the funding, Akshay Singhal, Founder-CEO, Log 9 Materials said, “We are happy to wind up our Series A+ round with the latest fundraise from Petronas Ventures — which 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.”
In the coming time, the company has ambitious plans to work with the Petronas business units to push renewable energy adoption with its advanced battery solutions for grid-level energy storage, he said.
Log 9’s batteries can be fully charged in 15 minutes for a two-wheeler and 40 minutes for a three-wheeler, making them ideal for commercial use cases, the company said, adding, these batteries have a life of more than 15,000 cycles, corresponding to more than 15 years of usage.
Log 9 Materials seems to have established a strong presence in the market. With the increasing demand for EVs, I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of Log 9 Materials.Shishir Gupta, Founder and CEO, StartupLanes
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