The Series D raise for battery material maker Group14 will scale production of its silicon-based material that can boost the performance of batteries in everything from EVs to iPhones.
South Korea’s SK, Inc. led the deal, alongside a lengthy list of existing investors including Decarbonization Partners, Lightrock Climate Impact Fund, Microsoft Climate Innovation Fund and the Canadian pension fund OMERS. Corporate investors Porsche Investments and ATL also joined in. The round pushes the Woodinville, Wash.-based company’s total equity raised to $1 billion.
Group14 was also selected last year for a $200 million Department of Energy grant. “We’re continuing to move forward through government channels,” a Group14 spokesperson told ImpactAlpha.
Manufacturing scale
Group14’s “battery active material,” called SCC55, is designed to replace graphite in batteries and boost energy density, a key driver of performance, by up to 50%. Group14 manufactures SCC55 at two factories in its home state of Washington as well as in South Korea.
As part of the deal, Group14 acquired full ownership of the South Korean plant from joint venture partner SK.
The new fundraise signals that “the future of high-performance energy storage, powered by our silicon battery material, is already here,” said Group14’s Rick Luebbe. “We’re strengthening regional battery supply chains and safeguarding our customers from global trade uncertainty.”
