Electric vehicles and technology have grown tremendously over the years, and it has led to a greater demand for batteries to power them. Group14 is looking to enable that change into electric everything by providing high-quality lithium-silicon batteries using its composite materials and process. Now, it has gained another major round of funding from companies including Porsche, which you can learn more about in the following announcement.
WOODINVILLE, Wash., May 4, 2022 — Group14 Technologies, a global manufacturer and supplier of advanced silicon-carbon technology for lithium-silicon batteries, today announced it has raised $400 million in Series C funding led by Porsche AG with participation from OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, Moore Strategic Ventures, and other large institutional investors. To deliver to customers including Porsche subsidiary Cellforce Group, Group14 plans 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.
To meet fast-approaching targets worldwide for vehicle electrification and EV adoption, Group14’s next-generation materials help lithium-silicon batteries deliver 50% higher performance than traditional lithium-ion batteries, eliminating range and charge anxiety. As automakers pledge to electrify fleets, OEMs are turning to lithium-silicon technologies, which are fully compatible with existing manufacturing facilities and processes, over other industry alternatives to bring premier performance and reach cost-parity with internal combustion engines.
For more than 70 years, Porsche AG has been committed to creating unique and sustainable sports cars. An industry leader in performance, Porsche has expanded its automotive offerings into electric vehicles, marrying a legacy of iconic vehicles with today’s new clean energy standards. “Despite all global challenges, we are driving forward on our future projects consistently including digitalization and electrification,” said Lutz Meschke, deputy chairman and member of the executive board of Finance and IT at Porsche AG. “Our investment in Group14 is an important step for Porsche’s M&A activities. We have been actively investing in ambitious companies since 2016 and through our venture capital unit Porsche Ventures, we have gained a deep understanding of the venture capital world and are excited to lead this round.”
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. “The battery cells are the combustion chamber of the future. We are investing in the development of new high-performance cells with Cellforce and in the production of battery modules,” said Meschke. “As a result, Porsche has decided to partner with Group14 Technologies.”
Joining Porsche AG is a combination of domestic and international financial and strategic investors including OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, Moore Strategic Ventures, and other large institutional investors whose expertise help to herald the next frontier of automotive performance and sustainability.
In the past 12 months, Group14 has launched a commercial-scale Battery Active Materials factory in the U.S. and broken ground on a joint venture factory with SK Group in South Korea – both to continue its mission to deliver on the electrification of everything from EVs and aviation to consumer electronics and more. 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. Already validated in EV-scale batteries and for extreme fast charging applications, Group14’s technology helps leapfrog significant barriers to high-performing battery applications.
Group14 co-founder & CEO Rick Luebbe adds, “Group14 is well-positioned to elevate all batteries by enabling the transformational performance of silicon in today’s lithium-ion and tomorrow’s solid-state applications. We have been laser-focused on scaling our factories to deliver commercial quantities to customers in a mission to eradicate charge anxiety as fast as possible. With incredible support from a consortium of strategic and institutional investors led by Porsche that believe in our vision and roadmap, we can continue to advance the batteries that breathe life into the electrification of everything.”
Citi and Nomura Greentech acted as joint placement agents on this transaction.
The original announcement can be found on Group14 Technologies’s website.