Porsche-backed Group14 closes new funding, takes control of JV's battery material plant
The startup said it also acquired the remaining 75% stake in its joint venture with SK, gaining full ownership of manufacturing operations for its silicon battery material in South Korea.
The Woodinville, Washington-based company makes silicon-carbon composite material or SCC55, which can replace graphite anodes in lithium-ion batteries, enabling them to charge more quickly and hold more energy.
Demand for electric vehicles and advanced technologies has driven steady investor interest in the battery materials sector, with multiple companies competing to attract funding.
Venture capital firms are also increasingly targeting alternative battery materials companies, which have the potential to reduce the cost and size of battery packs, similar to the technology developed by Group14.
The company did not reveal the valuation for its latest funding in its statement, but a source familiar with the matter told Reuters it was higher than the startup's value of more than $1 billion in a 2022 round.
The battery materials manufacturer had secured$614 million, opens new tab in its extended series C round in 2022, and the latest series D funding brings the total equity raised to more than $1 billion, the company said.
The new round, series D, also saw participation from existing investors such as Porsche Investments, ATL, OMERS, Decarbonization Partners, Lightrock Climate Impact Fund and Microsoft Climate Innovation Fund.
The battery active material (BAM) factory in South Korea produces Group14's SCC55 at EV scale. The company now fully owns three BAM factories, with the other two located in Washington.
"We're strengthening regional battery supply chains and safeguarding our customers from global trade uncertainty," CEO Rick Luebbe said.
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