cKers is focussed on financing sustainability and clean energy, and has provided an initial facility of Rs. 100 million (Rs. 10 crore) to Log9 Mobility.
Log9 Mobility, a wholly-owned subsidiary of advanced battery-tech start-up Log9 Materials, has availed a ₹ 10 crore debt-financing facility from sustainable energy financing firm cKers. The initial facility of ₹ 10 crore will be used to accelerate the deployment of EVs integrated with Log9 Materials’ fast charging batteries under a 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.
“We are also working with different stakeholders to build a robust EV fast-charging infrastructure in the Indian market. Our technology solution addresses a lot of key challenges such as battery life, quick charging and vehicle safety. We are delighted to partner with cKers Finance to enable deployment of Log9 battery-based vehicles in India,” said Dr. Akshay Singhal, Founder & CEO, Log9 Materials.
Log9 Mobility is partnering with several third-party logistics service providers with its MaaS model. According to the company, the model allows customers to onboard vehicles with no upfront capital cost or needs to own the vehicle.
“cKers has been investing in EVs for over two years now and has already committed lines enabling the deployment of over 3,000 electric two-wheelers and 1,000 electric three-wheeler loaders, giving it a head start in financing clean mobility. We have launched our Driver-cum-owner (DCO) program which will create accessibility of green finance for drivers looking to become owners and shift from traditional fossil fuel-based ICE vehicles to EVs. cKers is bullish about the evolution of a strong EV ecosystem and the growth that it will create for the Indian economy,” said Deepak Gupta, Business Development Head, cKers.
Log9 Materials has introduced RapidX battery packs based on its InstaCharge technology, which are specifically designed for enhancing business-to-business (B2B) last-mile logistics. Log9’s batteries get fully charged within 15 minutes for electric two-wheelers and 35 minutes for electric three-wheelers. Log9 is also expanding its InstaCharge network to increase the availability of the much needed fast-charging infrastructure across India. Log9 claims to be the only Indian company today that holds in-house competencies 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 the research and development of Aluminum Fuel Cells that will power long-haul commercial vehicles of the future.