cKers Finance, an NBFC focused on financing sustainability and clean energy in India has provided a debt financing facility to Log9 Mobility, a wholly-owned subsidiary of Log9 Materials Scientific Private Limited (Log9). Log9 is developing advanced cell chemistries which can be used in battery storage technologies across mobility and stationary storage solutions. cKers has provided an initial facility of INR 100 million to Log9 Mobility which is being used to accelerate the deployment of Electric vehicles (EVs) integrated with Log9’s fast charging InstaCharge batteries under a MaaS (Mobility as a Service) model.
With India scaling up its ambitions for EV adoption, last-mile freight is seen as one of the key entry points. Leading e-commerce platforms, hyperlocal players and consumer product companies are listening to their customers and investors and are working to reduce their carbon footprint by electrifying their last-mile delivery fleets. e3Ws offer triple environmental benefits of a lower carbon footprint, no air pollution and low noise operations. The end-customer also gains from higher efficiency in operations with vehicle telematics enabling 24X7 tracking features of the EVs.
Talking about the cKers facility, Dr. Akshay Singhal, Founder and CEO, Log9 said, “Log9 is continuously working on integrating its battery technology with Electric Vehicle OEMs for different form factors including e2-wheelers, e3-wheelers, e4-wheelers and e-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.”
Speaking about the partnership, Deepak Gupta, Business Development Head, cKers said, “We are excited to have partnered with Log9, which shares our vision of promoting sustainability in transportation. cKers has been investing in EVs for over two years now and has already committed lines enabling the deployment of over 3,000 e2Ws and 1,000 electric e3W-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.”