Group14 Technologies, a Woodinville, WA-based manufacturer and supplier of advanced silicon-carbon technology for lithium-silicon batteries, raised USD400M in Series C funding.
The round was led by Porsche AG with participation from OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, and Moore Strategic Ventures and other large institutional investors.
The company intends to use the funds to break ground on its second commercial-scale BAM factory in the U.S. to stay ahead of demand from markets reliant on high-performing batteries.
Led by CEO Rick Luebbe, Group14 has developed technology for silicon batteries, which elevates the performance for all applications to accelerate transition to an all-electric future. The company currently operates a commercial-scale Battery Active Materials factory in Washington state with two forthcoming factories: one in South Korea as part of a joint venture with SK Group (coming online in 2022) and a second U.S. factory (coming online in 2023).
To meet rising energy storage demand globally, Group14 is poised to accelerate delivery of its mass-market, drop-in ready technology, SCC55™, which is capable of turning any gigafactory into a 1.5GW facility overnight. It has been already validated in EV-scale batteries and for extreme fast charging applications.
Customer Cellforce Group is set to produce high-performance lithium-silicon battery cells in South Germany beginning in 2024 to be installed in electrically powered Porsche models.
FinSMEs
05/05/2022