The Log9 Downfall: Lessons Learnt and Ripple Effects
Log9 Materials, a once-promising deeptech battery startup, finds itself in turmoil despite securing over $60 million in funding, backed by investors like Peak XV and PETRONAS Ventures. The company is now grappling with debts, legal challenges, and mass layoffs. Core to its downfall is the strategic misstep of investing in niche Lithium-titanate (LTO) battery technology, coupled with the drastic fall in price of competitor Lithium Iron Phosphate (LFP) batteries from China. This event highlights broader challenges within the global battery industry, resonating with the struggles of other international companies like Northvolt and Kore Power, and has profound economic, social, and political implications for India and beyond.
May 5