Battery materials firm Group14 Technologies has formed a joint venture with SK Materials to build a lithium-silicon battery materials factory in South Korea.
SK Materials, a subsidiary of SK Group, will invest $52 million in the development of the battery materials manufacturing hub, which is expected to launch next year.
The joint venture is the latest development in US firm Group14’s goal of securing dual sourcing for its lithium-silicon technology.
The joint venture aims to mitigate supply chain disruptions, and open up the capability for dual sourcing lithium-silicon technology from South Korea and Group14’s Battery Active Materials (BAM) factory in Washington, US.
Group14’s first commercial-scale US manufacturing factory in April is a 27,000-square-foot factory that manufacturers its SCC55™ silicon-carbon composite material for lithium-ion battery markets.
The joint venture agreement follows Group14's $17 million Series B round last December, which was led by SK Materials.