Group14 Technologies raises $400M; Porsche takes the lead in investment round

Group14 Technologies, a pioneer in advanced silicon-carbon technology for lithium-silicon batteries, has recently announced raising $400 million in Series C funding headed by Porsche AG.

The financing round also included participation from Riverstone Holdings LLC, Decarbonization Partners, OMERS Capital Markets, Moore Strategic Ventures, Vsquared Ventures, and other large institutional investors.

To deliver its customers like the Porsche subsidiary Cellforce Group, the firm plans to scale up its 2nd commercial-scale BAM factory in the United States to stay ahead of the demand from markets that rely on high-performing batteries.

In an attempt to fulfil the fast-approaching targets globally for EV adoption and vehicle electrification, the next-generation materials offered by Group14 helps the lithium-silicon batteries deliver around 50% higher performance than the conventional lithium-ion batteries, removing range and charge anxiety.

As the automakers are vowing to electrify fleets, the OEMs are shifting to lithium-silicon technologies, which are compatible with the current manufacturing processes and facilities, over other industry substitutes to bring leading performance and reach cost-equality with internal combustion engines.

For the unversed, Porsche AG has been devoted to creating sustainable and unique sports cars for the last 70 years. The firm has extended its automotive offerings into electric vehicles, a leader in performance, getting into a legacy of well-known vehicles with today's new clean energy standards.

Despite of all the global challenges, the firm is steadily driving forward on its future projects, including electrification and digitalization, said Deputy Chairman and member of the executive board of Finance and IT at Porsche AG, Lutz Meschke.

The Cellforce Group is set to manufacture high-performance lithium-silicon battery cells in South Germany starting from 2024 to be integrated in Porsche models powered electrically.

The battery cells are the ignition compartment of the future, and the firm is investing in the development of new high-performance cells with Cellforce and for producing battery modules, Meschke said. As a result, Porsche has decided to join forces with Group14 Technologies.

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