cKers is focused on financing sustainability and clean energy, and has provided an initial facility of Rs. 100 million (Rs 10 crore) for Log9 Mobility.
Log9 Mobility, a wholly owned subsidiary of advanced battery-tech start-up Log9 Materials, has availed a ₹10 crore loan-financing facility from sustainable energy financing firm Seekers. The initial Rs 10 crore facility will be used to accelerate the deployment of electric vehicles integrated with fast charging batteries from Log9 Materials under the Mobility as a Service (MaaS) model, the company said in a statement. Log9 is working on integrating its battery technology with electric vehicle manufacturers, including electric two-wheelers, electric three-wheelers and electric buses.
Read also: Log9 to offer InstaCharging battery technology for content electric scooters
Log9 has partnerships with multiple EV brands
“We are also working with various stakeholders to build a robust EV fast-charging infrastructure in the Indian market. Our technology solutions address several key challenges such as battery life, quick charging and vehicle safety. We are Seekers Finance “To enable the deployment of LOG9 battery based vehicles in India,” said Dr. Akshay Singhal, Founder and CEO, Log9 Materials.
Log9 Mobility with its MaaS model is partnering with several third party logistics service providers. According to the company, the model allows customers to onboard vehicles without any upfront capital cost or the need to own a vehicle.
Read also: Log9 Content Partners with SpareIt to Launch Battery Replacement and Retrofit Service
“Seekers has been investing in EVs for over two years and is already committed to enabling the deployment of over 3,000 electric two-wheelers and 1,000 electric three-wheeler loaders, giving it a major start in funding clean mobility. We have launched our Driver-cum-Owner (DCO) program which will create access to green finance for drivers wishing to become owners and move from traditional fossil fuel based ICE vehicles to EVs. Seekers has a strong EV ecosystem Excited about the growth and development the system will create for the Indian economy,” said Deepak Gupta, Head of Business Development, Seekers.
Read also: Hero Electric partners with Log9 Materials to develop rapid-charging for EVs
Hero Electric, India’s leading electric two-wheeler manufacturer has also partnered with Log9 Materials
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Log9 Materials introduces RapidX battery packs based on its InstaCharge technology, specially designed to enhance business-to-business (B2B) last-mile logistics. The Log9 battery gets fully charged in 15 minutes for electric two-wheelers and 35 minutes for electric three-wheelers. LOG9 is also expanding its Instacharge network to enhance the availability of much-needed fast-charging infrastructure across India. Log9 today claims to be the only Indian company to have in-house efficiencies ranging from electrode materials to cell fabrication to battery packs. With an eye on the changing transportation and logistics industries, LOG9 is investing heavily in research and development of the aluminum fuel cell that will power the long-range commercial vehicles of the future.
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