The Woodinville, Washington-based company is a manufacturer of materials needed to create lithium-silicon batteries. The new money will be used to increase the company’s manufacturing ability.
Group14 already operates a commercial-scale factory in Washington state, and has plans for one in both South Korea— a joint venture with SK Group— and another one in the US.
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The development of EV batteries has become big among investors. Last year saw record investment, with more than $3.6 billion going to hardware and software companies developing better battery technologies, according to Crunchbase data.
Group14’s new round marks the largest round in the sector this year and the third nine-figure raise in 2022, according to Crunchbase. Other rounds include:
- Woburn-based battery-maker Factorial Energy raised $200 million as part of a Series D round led by Mercedes-Benz and Stellantis in January.
- China-based lithium-ion batteries manufacturer Phylion Battery closed a round worth nearly $144 million in March.
Along with the new round, it also was announced Porsche subsidiary Cellforce Group will be a customer of Group14.
“Our investment in Group14 is an important step for Porsche’s M&A activities,” said Lutz Meschke—deputy chairman and member of the executive board of finance and IT at Porsche AG—in a release. “We have been actively investing in ambitious companies since 2016 and through our venture capital unit Porsche Ventures, we have gained a deep understanding of the venture capital world and are excited to lead this round.”
The new round also included investment from OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, Moore Strategic Ventures and other large institutional investors.
Group14 has raised $441 million to date, according to the company.
Illustration: Li-Anne Dias.
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