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cKers Finance is an NBFC that focuses on financing sustainable and clean energy in India. Log9 Mobility, a wholly owned subsidiary of Log9 Materials Scientific Private Limited (Log9), received a loan financing facility from cKers.
Log9 is working on advanced cell chemistry that can be used in stationary and mobile storage technologies. Log9 Mobility received an initial facility from cKers of INR 100 million. This is being used to accelerate deployment of electric vehicles (EVs) that are integrated with Log9’s InstaCharge fast-charging batteries.
These batteries have been optimized for Indian conditions. They offer 9x power and 9x cycle life, and 9x performance. The battery can be charged in as little as 12 minutes for a 2-wheeler or 35 minutes for the 3-wheeler.
Last-mile freight is a key entry point for India as it increases its ambitions to adopt EVs. E-commerce giants, hyperlocal players, and consumer product companies are paying attention to investors and customers. They are electrifying last-mile delivery vehicles to reduce their carbon footprint. The e3Ws have triple environmental benefits: a smaller carbon footprint, zero air pollution, and low noise operations. The customer also benefits from higher efficiency with vehicle telematics, which allows 24X7 tracking of the EVs.
Dr. Akshay Singal, founder and CEO of Log9, spoke about the cKers facility. He said that Log9 is constantly working to integrate its battery technology with Electric Vehicle OEMs. This includes e2-wheelers as well as e3-wheelers, 4-wheelers, and e-buses. We also work with various stakeholders to create a strong EV fast-charging infrastructure for the Indian market. Our technology solves many key issues such as vehicle safety, battery life, fast charging, and battery life. We are pleased to work with cKers Finance in India to deploy Log9-based vehicles.
Log9 Mobility has deployed over 1,000 Omega Seiki Range+ RapidEV three-wheelers as part of the MaaS model. This is in conjunction with third-party logistics (3PL). Customers can board vehicles without any upfront capital costs or ownership requirements.
Deepak Gupta (Business Development Head at CKers), said that the partnership was exciting because Log9 shares our vision of sustainability in transportation. Over 2 years, cKers has invested in EVs. It has committed lines that have enabled the deployment of more than 3,000 electric e2W-loaders and 1000 electric e3W loaders. This gives it an advantage in financing clean mobility. Our Driver-cum-owner program (DCO), which provides green financing for drivers who want to own EVs and switch from fossil fuel-based ICE cars, has been launched. cKers is optimistic about the development of an EV ecosystem that will bring in growth for the Indian economy.