Bengaluru-headquartered Log 9 Materials has concluded its Series A+ funding round of $10 million by announcing a $2 million investment from PETRONAS Ventures – the venture capital arm of Malaysian energy giant PETRONAS.
Log 9’s Series A+ funding round was led by battery major Amara Raja Batteries, and also involved the participation of Exfinity Ventures and Sequoia Capital India's Surge Programme, alongside a clutch of strategic angel investors.
Along with the funds previously raised in this round, the funds raised from PETRONAS Ventures, will be used by Log 9 to launch and scale their Log 9 InstaCharge Network of electric vehicles, wherein the company has integrated its fast-charging RapidX batteries with various two- and three-wheeler OEMs in order to create RapidEV variants of their existing vehicles.
The start-up plans to deploy around 5,000 vehicles in the next six months within its InstaCharge Network. Further, the funds from the Series A+ round will be utilised to develop and scale the technology and manufacturing capabilities of Log 9 from materials to cell to battery pack level.
Akshay Singhal, Founder & CEO, Log 9 Materials said 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. The advancements and OEM level vehicular integrations of Log 9’s aluminium fuel cells will also continue to happen in parallel, Singhal said.
Log 9’s technology and solution are aligned with PETRONAS Ventures’ investment focus in the space of future of energy, said Arni Laily Anwarrudin, Head, PETRONAS Ventures. “We believe that this investment will complement PETRONAS’ growth in the new energy business. The passion and determination shown by Log 9 management team coupled with their vision, resonates with PETRONAS’ Statement of Purpose and sustainability agenda, in harnessing the good in energy to elevate and enrich lives for a sustainable future,” he said.