Log 9 Materials, an Indian EV battery technology startup founded in 2015, has laid off the majority of its workforce amid severe financial distress. While exact figures are not specified, sources indicate hardly any employees remain, following a series of strategic missteps and technology failures. The company, which had raised over $60 million, struggled to adapt to market realities, faced legal battles with customers, and accumulated significant debt. Key decisions around battery chemistry and business models proved unprofitable, leading to the shutdown of multiple facilities and the exit of a cofounder. The layoffs, occurring since last year, represent a dramatic fall for a startup once celebrated as a deeptech leader in India's clean tech industry.
