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Amara Raja Batteries To Pick Up 11.36% Stake In Log 9 for Rs 37 Crore
Amara Raja Batteries Limited, as a part of its strategic initiatives, has agreed to invest about Rs.37 crore and foracquiring11.36 per cent stake in Log 9 Materials Scientific Private Limited, a Bengaluru-based battery-tech and deep-tech start-up, the battery maker said on Monday in a filing with stock exchanges.
The investment will boost development of indigenous technologies in India's nascent advanced battery sector for fast emerging 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 statement.
Vikramadithya Gourineni, Executive Director at ARBL said the investment is in line with ARBL's plans to invest in cutting-edge technologies to accelerate 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 derive 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 commercialisation at 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." In the upcoming months of 2021, Log 9 is looking to take its breakthrough rapid charging battery-tech to end-users at scale; on the other hand, the development and advancements of the companys Aluminum Fuel Cells will also continue to happen in parallel -- including pilots and OEM-level vehicular integrations, Log 9 said.
(PTI)
