cKers focuses 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 technology start-up Log9 Materials, has secured a ₹10 crore debt financing facility from sustainable energy finance firm cKers. The initial ₹10 crore installation will be used to accelerate the deployment of Log9 Materials’ fast-charging battery-integrated electric vehicles under a mobility-as-a-service (MaaS) model, the company said in a statement. . Log9 is working on integrating its battery technology with manufacturers of electric vehicles, including electric two-wheelers, electric three-wheelers and electric buses.
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“We are also working with different stakeholders to build a robust EV fast charging infrastructure in the Indian market. Our technology solution addresses many key challenges such as battery life, fast charging and vehicle safety. We are delighted to partner with cKers Finance to enable the deployment of Log9 battery vehicles in India,” said Dr. Akshay Singhal, Founder and CEO of Log9 Materials.
Log9 Mobility partners with several third-party logistics service providers with its MaaS model. According to the company, the model allows customers to on-board vehicles with no upfront capital cost or need to own the vehicle.
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“cKers has been investing in EVs for more than two years and has already committed lines enabling the deployment of more than 3,000 electric two-wheelers and 1,000 electric three-wheel loaders, giving it a head start in financing the clean mobility. We launched our Driver-cum-owner (DCO) which will create green finance accessibility for drivers looking to own and transition from traditional fossil fuel-based ICE vehicles to electric vehicles. will create for the Indian economy,” said Deepak Gupta, Business Development Manager, cKers.
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Log9 Materials has introduced RapidX batteries based on its InstaCharge technology, specifically designed to improve last-mile business-to-business (B2B) logistics. Log9’s batteries are fully charged in 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 much-needed fast charging infrastructure across India. Log9 claims to be the only Indian company today with in-house skills ranging from electrode materials to cell manufacturing to batteries. Keeping an eye on developments in the transportation and logistics industries, Log9 is investing heavily in the research and development of aluminum fuel cells that will power the long-haul utility vehicles of the future.