- 24 Apr 2023
- ICICIdirect Research
AMARA RAJA BACKED EV STARTUP LAUNCHES FIRST LI-ION BATTERY
ARE&M - 1003 Change: -4.20 (-0.42 %)News: As per media sources, Amara Raja Batteries backed startup Log9 Materials launched its first locally made Li-Ion battery and will be manufactured at its facility in Bengaluru. The company has commissioned a line of ~50 MWH of battery capacity annually capable of powering 25,000 electric 2-W
View: Earlier Log 9 had committed ~Rs 2,350 crore towards Li-Ion ecosystem development over next few years with Amara Raja as its sizeable equity investor (stake pegged at ~15%). Positive development for us however is that Amara Raja will have option to use this technology developed by log 9 material to manufacture captive Li-Ion batteries at scale. Further details on this front are awaited with fructification likely to take some time given that company may be spending its resources behind getting the UPS battery plant back to life post massive fire that engulfed it as of January 2023 end
Impact: Neutral