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 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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Car and Driver
6 minutes ago
- Car and Driver
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Specifications Specifications 2025 Hyundai Ioniq 5 N Vehicle Type: front- and rear-motor, all-wheel-drive, 5-passenger, 4-door wagon PRICE Base/As Tested: $67,475/$68,685 Options: Performance Blue matte paint, $1000; carpeted floor mats, $210 POWERTRAIN Front Motor: permanent-magnet synchronous AC, 235 hp, 273 lb-ft Rear Motor: permanent-magnet synchronous AC, 406 hp, 295 lb-ft Combined Power: 641 hp Combined Torque: 568 lb-ft Battery Pack: liquid-cooled lithium-ion, 84.0 kWh Onboard Charger: 10.9 kW Peak DC Fast-Charge Rate: 238 kW Transmissions, F/R: direct-drive CHASSIS Suspension, F/R: struts/multilink Brakes, F/R: 15.7-in vented disc/14.2-in vented disc Tires: Pirelli P Zero PZ4 Elect 275/35ZR-21 103Y PNCS HN DIMENSIONS Wheelbase: 118.1 in Length: 185.6 in Width: 76.4 in Height: 62.4 in Passenger Volume, F/R: 55/52 ft3 Cargo Volume, Behind F/R: 59/26 ft3 Curb Weight: 4849 lb C/D TEST RESULTS 60 mph: 3.0 sec 100 mph: 6.9 sec 1/4-Mile: 11.1 sec @ 123 mph 130 mph: 12.9 sec 150 mph: 21.2 sec Results above omit 1-ft rollout of 0.2 sec. 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Yahoo
34 minutes ago
- Yahoo
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