Amara Raja Batteries invest $5 million in battery-tech startup Log9 materials
Amara Raja Batteries Limited (ARBL) as a part of its strategic initiatives, has announced that it has decided to invest about $5 million for obtaining an 11.36 percent stake in Bengaluru-based battery-tech and deep-tech start-up, Log 9 Materials Scientific Private Limited.
The investment will enhance the development of indigenous technologies in India's emerging advanced battery sector for fast-evolving storage and mobility solutions.
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 Log 9's battery and fuel cell technologies, Log 9 said in a declaration.
Vikramaditya Gourineni, Executive Director at ARBL said the investment is in line with ARBL's plans to invest in cutting-edge technologies to fast-track its evolution towards becoming an 'Energy & Mobility! enterprise.
"This will mark the first in a series of interesting developments that we plan to execute in the future. We believe that Log 9 has made great progress in developing a range of technologies that will prove very promising in emerging mobility applications. I am confident that both entities can obtain significant synergies resulting in mutual long-term benefits," he said.
Akshay Singhal, Founder & CEO, Log 9 Materials said "We are delighted to have ARBL as one of the anchor investors in the Series A+ funding round of Log 9. The partnership with ARBL will enable us to propel commercialization at the scale of our Rapid Charging Batteries, which in turn shall play a major role in the future in Log 9 eventually becoming the frontrunner and one of the largest Indian players in advanced cell chemistries."