ImpactAlpha, May 10 — Battery tech ventures are raising big rounds in the race for better lithium batteries. Seattle-based Group14, which developed a silicon-carbon material it says can improve on the graphite anodes in lithium-ion batteries for electronics, cars and planes, has raised $400 million.
“The pressure is on to support the demand we see,” Group14’s Rick Luebbe said. The company will use the investment to build a manufacturing facility in the state of Washington to produce batteries as soon as the second half of next year.
Group14 secured $52 million from South Korea’s SK Group last year.
Cellforce Group, Porsche’s battery manufacturing subsidiary, will use Group14’s tech to start producing lithium-silicon battery cells in Germany by 2024.