Battery Startup Log9 Unveils EV Asset Management Subsidiary ‘Amphion’
SUMMARY
Log9 said Amphion will provide solutions like financing, data and analytics, charging infrastructure, and energy efficiency to address the challenges faced by the commercial EV industry
Besides the launch of Amphion, Log9 also unveiled Nexmile, a new battery designed for commercial EVs
Earlier this year, Inc42 reported that Log9 laid off about 115 contractual employees
Electric vehicle (EV) battery manufacturing startup Log9 Materials said it has rebranded its mobility business as ‘Amphion’, a full-stack EV asset management company.
The startup announced the launch of subsidiary Amphion during its annual event, Day Zero, on Monday (April 22).
Log9 said Amphion will provide solutions like financing, data and analytics, charging infrastructure, and energy efficiency to address the challenges faced by the commercial EV industry.
Under the subsidiary, the startup is looking to optimise asset utilisation, ensure cost-effective operations for a successful transition to electric mobility, and minimise downtime for fleet operators or individual drivers.
“With Amphion, we are poised to seamlessly integrate original equipment manufacturers (OEMs), charge point operators (CPOs), financiers, insurers, and recyclers into a cohesive ecosystem, driving efficiency and sustainability in the EV industry. We aim to be the leading EV asset management company not just in India but globally,” Log9 cofounder and COO Kartik Hajela said.
The development comes at a time when the adoption of EVs is on the rise in the country. The Indian EV market houses various small as well as large EV startups and is estimated to reach a size of $110.74 Bn by 2029.
Besides the launch of Amphion, Log9 also unveiled Nexmile, a new battery designed for commercial EVs. It said Nexmile comes with a 5-year warranty, offers 3X charging speeds compared to other conventional batteries and has a full battery life to support 120 kms.
Founded in 2015 by Haleja, Dr Akshay Singhal and Pankaj Sharma, Log9 manufactures EV batteries and other energy storage solutions. In the EV battery industry, it competes with the likes of Hero Electric-backed Exponent Energy and Ather Energy.
Since its inception, the startup has raised nearly $65 Mn in funding. It last raised $40 Mn funding in its Series B round, led by Amara Raja Batteries Ltd and Petronas Ventures in January 2023.
Log9 claims that it currently has 2,500 EV assets running on the road, connecting 600 charging stations. Besides, it manages INR 100 Cr worth assets for over 150 fleets with a turn around time of 2.7 days on servicing needs. It also said that it is growing at a 20-30% rate month-on-month.
In February this year, Inc42 reported that Log9 laid off about 115 contractual employees. At that time, Sharma told Inc42 that the mass layoff was triggered due to automation, which led to reduction in the manual workforce.
Further, the startup also delayed employee salary disbursement for the month of January. Sharma attributed the delays to cash flow disruption on account of lower production.
