Vehicle OEM Porsche has led a funding round into silicon-carbon technology manufacturer and supplier Group14 Technologies, which develops materials for lithium-silicon batteries.
The $400 million Series C funding round will enable Group14’s plan to break ground on its second commercial-scale battery active materials (BAM) factory in the US, which will supply customers including Porsche’s subsidiary Cellforce Group.
The funding round included participation from investment firms: OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, Moore Strategic Ventures, and other “large institutional investors”.
Lutz Meschke, deputy chairman and member of the executive board of Finance and IT at Porsche, said the investment was an important step for Porsche’s M&A activities.
Lithium-silicon battery cells
Cellforce Group is set to produce high-performance lithium-silicon battery cells in South Germany beginning in 2024, to be installed in Porsche’s EV models.
In the past 12 months, Group14 has launched a commercial-scale BAM factory in the US and broken ground on a joint venture factory with SK Group 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 this year.
