Log 9 Materials, an advanced battery-tech business, has raised $2 million (about Rs 14 crore) in a funding round led by Petronas Ventures, the venture capital arm of Malaysia-based global energy and solutions company Petronas.
The Log 9 batteries can fully charge in 15 minutes for a two-wheeler and 40 minutes for a three-wheeler, making them ideal for commercial use, according to the company. They also have a life of over 15,000 cycles, which equates to over 15 years of use.
“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,” said Arni Laily Anwarrudin, Head of Petronas Ventures.
“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,” said Akshay Singhal, Founder-CEO, Log 9 Materials.