Porsche AG leads $400 million series C funding of US high-performance battery cell fabrication

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Group14 Technologies, a manufacturer and supplier of advanced silicon-carbon technology for lithium-silicon batteries, has raised $400 million in Series C funding led by Porsche AG. Group14 plans to use the funding to build its second commercial-scale Battery Active Materials (BAM) factory in the Washington to provide materials to manufacturers of high-performing batteries.

One of those manufacturers is Porsche subsidiary Cellforce Group, which plans to produce high-performance lithium-silicon battery cells in South Germany beginning in 2024 to be installed in Porsche electric vehicles. Group14 reports that its next-generation materials help lithium-silicon batteries deliver 50% higher performance than traditional lithium-ion batteries, which could help stimulate EV sales by eliminating range and charge anxiety for EV customers. Lithium–silicon batteries are a type of lithium-ion battery technology that uses a silicon-based anode and lithium ions as the charge carriers.

“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 Lutz Meschke, deputy chairman and member of the executive board of Finance and IT at Porsche AG. “As a result, Porsche has decided to partner with Group14 Technologies.”

Group14 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, expected to come online this year, and a second US factory, due to come online next year. Group14 also plans to accelerate delivery of its technology SCC55, which the company reports can turn a gigafactory into a 1.5 GW facility overnight.

“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, said Rick Luebe, Group14 co-founder & CEO. “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.”

To date, Group14 has raised $441 million in financing from Porsche AG, OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, Moore Strategic Ventures, Amperex Technology Limited (ATL), BASF, Cabot Corporation, Showa Denko, OVP Venture Partners and SK materials.

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