The company was valued at USD 250 million after raising USD 45 million from Amara Raja Batteries and Petronas Ventures
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Log9, the maker of batteries for electric vehicles, announced that it has commercially launched indigenously made lithium-ion battery cell, which will be manufactured at one of its facilities in Bengaluru.
Log9 will have an initial capacity to produce about 50 MWh of battery, which can power up to 25,000 electric two-wheelers. According to a company official, the company has invested about USD 5 million in the new facility. The EV battery maker would be the first in India to deploy an indigenously made battery in an EV and this is likely to happen in the current quarter.
The company was valued at USD 250 million after raising USD 45 million from Amara Raja Batteries and Petronas Ventures. According to Sharma, Amara Raja Batteries would be able to manufacture batteries at scale using Log9’s cell technology.
Log9 will not sell battery cells independently, but would instead feed the production into its primary battery pack business, according to Sharma. He claimed that this would boost the company’s margins. Log9 reported sales of almost Rs 100 crore in fiscal 2023, a fourfold increase over the previous year, and Sharma anticipates a similar increase in FY24.
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