Bangalore headquartered cleantech company Log 9 Materials has secured approx. $3.5 million in a Series A funding round from the Sequoia Capital India Accelerator Program Surge and Exfinity Venture Partners.
The company will now be going to utilize the funds for the product development and commercial and industrial deployment of its aluminum fuel cell in the automotive and stationary applications as a clean energy alternative.
“We will be using the amount to propel development and deployment of our flagship project on aluminum-air fuel cells, which is currently in the optimization stage. Our endeavor will be to accelerate modifications in the product development cycle so as to create a commercially viable product for both electric vehicles (EVs) as well as stationary applications. We are confident of rolling it out in the market in the next 18-24 months,” said Akshay Singhal, CEO, Log 9 Materials in a statement.
“Given that the government also has the ambition to introduce EV as the mainstream mobility solution, Log 9 will accelerate the country’s transition to the EV world. Exfinity has always strived to back entrepreneurs and businesses with innovative ideas that challenge the status quo, and Log 9 fits the bill perfectly,” said Shailesh Ghorpade, CIO and managing partner, Exfinity Venture Partners, in the statement.
