Battery tech company Group14 raises $400M in funding led by Porsche, plans 2nd US plant

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Group14 Technologies, a shaper of silicon-carbon tech for lithium-silicon batteries, announced it has raised $400 cardinal successful a Series C backing circular led by Porsche AG. Group14’s exertion tin assistance present better-performing cells compared to accepted lithium-ion batteries and volition usage the funds to statesman gathering a 2nd manufacturing installation connected US ungraded to expedite tech to Porsche.

Group14 Technologies was founded successful 2015 successful Washington authorities arsenic a spinout of enerG2 based successful Seattle. Since then, the institution has seen breakthroughs successful artillery materials, peculiarly silicon-carbon, which tin present higher levels of vigor density to lithium-ion-powered vehicles. 50% much compared to accepted lithium-ion batteries, according to Group14.

This is achieved done its drop-in-ready nanomaterials and scalable processes that person been verified by aggregate third-party OEMs and artillery manufacturers. Some existent investors see ATL, BASF, and SK materials – part of SK Group.

In April 2021, we reported news of Group14 opening its archetypal US Battery Active Materials (BAM) installation connected the aforesaid tract arsenic its office successful Woodinville, Washington. The institution instantly began utilizing the 27,000 sq. ft installation to commercialize its exertion that swaps retired the accepted graphite anode for a silicon carbon-based one.

The institution has besides breached crushed connected a 2nd mill successful South Korea arsenic portion of a associated task with SK Group. With its latest circular of funding, Group14 present looks to erect a 2nd US BAM mill and leapfrog immoderate of the barriers contiguous successful existent artillery tech with OEMs similar Porsche.

Group14 PorscheLeft – Inside Group14’s BAM manufacturing mill (Source: Group14) / Right – CTO Rick Costantino and CEO Rick Luebbe extracurricular BAM (Credit: Talia Green)Group14 to erect 2nd US BAM mill to enactment Porsche

The artillery materials specializer shared quality of its $400 cardinal successful Series C backing successful a property merchandise aboriginal this morning, sharing the pursuing message:

As automakers pledge to electrify fleets, OEMs are turning to lithium-silicon technologies, which are afloat compatible with existing manufacturing facilities and processes, implicit different manufacture alternatives to bring premier show and scope cost-parity with interior combustion engines.

One of the OEMs turning to Group14’s silicon-carbon tech is Porsche AG and its subsidiary Cellforce Group. As Porsche’s all-electric Taycan income proceed to hockey instrumentality upward, the German automaker has begun moving toward its caller vow to marque 80% of all income BEV by 2030.

Additionally, the institution has begun moving with solid-state artillery manufacturers similar QuantumScape to integrate higher density cells into aboriginal EVs like an all-electric 911. Porsche AG is continuing this inclination by investing successful Group14’s silicon anode technology. Lutz Meschke, lawman president and subordinate of the enforcement committee of Finance and IT astatine Porsche AG elaborated:

Despite each planetary challenges, we are driving guardant connected our aboriginal projects consistently including digitalization and electrification. Our concern successful Group14 is an important measurement for Porsche’s M&A activities. We person been actively investing successful ambitious companies since 2016 and done our task superior portion Porsche Ventures, we person gained a heavy knowing of the task superior satellite and are excited to pb this round.

By partnering with Group14, Porsche tin amended assistance Cellforce Group successful its plans to nutrient lithium-silicon artillery cells successful Germany to beryllium implemented successful Porsche EVs by 2024. With a large OEM connected its team, Group14 looks to further accelerate transportation of its drop-in-ready artillery technology.

To bash so, the institution plans to interruption crushed connected a 2nd BAM manufacturing mill connected US ungraded this twelvemonth – again successful Washington state. Group14 Cofounder and CEO Rick Luebbe besides commented connected Porsche AG arsenic its newest customer:

Group14 is well-positioned to elevate each batteries by enabling the transformational show of silicon successful today’s lithium-ion and tomorrow’s solid-state applications. We person been laser-focused connected scaling our factories to present commercialized quantities to customers successful a ngo to eradicate complaint anxiousness arsenic accelerated arsenic possible. With unthinkable enactment from a consortium of strategical and organization investors led by Porsche that judge successful our imaginativeness and roadworthy map, we tin proceed to beforehand the batteries that respire beingness into the electrification of everything.

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