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Next-gen battery company Group14 lands $463M despite clean tech headwinds
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Group14's BAM2 facility in Moses Lake. (Group14 Photo)
Next-gen battery materials manufacturer Group14 Technologies today announced $463 million of new funding. The Woodinville, Wash.-based company has raised more than $1 billion from investors.
The new cash comes as Group14 is forging a path forward despite significant federal cuts for clean tech support, ongoing tariff uncertainties, and projections for a slowing electric vehicle market. The company last month laid off an undisclosed number of workers and is delaying by more than a year the start of production at its flagship battery materials plant in Eastern Washington's Moses Lake.
'This raise is powerful validation that, despite a tough macro environment, investors are doubling down on Group14's role in shaping the future of energy storage,' said Group14 CEO Rick Luebbe in a statement. 'Their continued support underscores their conviction in our technology and recognition of the global demand for silicon batteries we're already seeing.'
The company also shared that it was buying out SK Inc. to gain 100% ownership of its already operating factory in South Korea. SK Inc., an investment holding company, also led the Series D round. The deal puts Group14 in 'full control of its primary manufacturing base in Asia, strategically located near the world's largest battery manufacturers,' the company said in a statement.
Group14's silicon anode technology is used in lithium ion batteries that hold more power and require less time for recharging than traditional graphite anode batteries. The product, called SCC55, is suitable for use in EVs, consumer electronics and utility-scale batteries that can help meet power demand for data centers.
The company previously raised $649 million from investors, bringing its new investment total to $1.11 billion. Group14 broke ground on its BAM2 facility in Washington's Moses Lake in April 2023 and aimed to start manufacturing by late 2024. Its new start date is early 2026.
It was smoother sailing for Group14 and its competitors under the Biden administration, which prioritized the transition to clean power and supported energy independence, including bolstering U.S. battery production that is dominated by China. The Trump administration has reversed course, emphasizing fossil fuel use and cutting tax breaks for batteries, wind, solar and EVs.
In May, OneD Battery Sciences reportedly pulled the plug on its pilot plant in Moses Lake, while Sila is commissioning its battery materials facility in the same town and plans to start production this year.
Group14 received a $100 million grant from the U.S. Department of Energy in 2022 as part of the Bipartisan Infrastructure Act to help construct the BAM2 facility. In September it was awarded a $200 million DOE grant to build a Moses Lake plant that would produce silane gas, an essential ingredient for manufacturing silicon battery materials.
'With over 90% of anode-grade graphite coming from China, the vulnerability is clear,' Luebbe said. 'Our silicon battery material gives manufacturers a high-performance alternative that helps derisk the supply chain. Every tonne of SCC55 displaces five tonnes of Chinese graphite with a homegrown solution.'
