Porsche has been the lynchpin to the Volkswagen group’s transformation to being an EV’s first automaker. Its investments in Rimac and QuantumScape position it as a credible threat to Tesla’s dominance in the EV space. Now it has invested in Group14 as it leads $400 million Series C round of funding for the maker of silicon-carbon tech for lithium silicon batteries. These batteries are said to be better than lithium-ion batteries. This funding round is said to be used for a new manufacturing facility that will be built in the US and the technology will be leveraged by Porsche.
“As automakers pledge to electrify fleets, OEMs are turning to lithium-silicon technologies, which are fully compatible with existing manufacturing facilities and processes, over other industry alternatives to bring premier performance and reach cost-parity with internal combustion engines,” said Group14 technologies.
Group14 works with Porsche and its subsidiary Cellforce group. Porsche has seen great success with the Taycan EV and is working towards making 80 per cent of all of its sales to be driven by EV in the next eight years.
Porsche Taycan Turbo has garnered great success for the German giant
Porsche is working with QuantumScape for solid-state batteries that will be used in a feature edition of an all-electric 911.
“Despite all global challenges, we are driving forward on our future projects consistently including digitalisation and electrification. Our investment in Group14 is an important step for Porsche’s M&A activities. 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,” said Porsche’s deputy chairman, Lutz Meschke.
It intends to deploy lithium silicon batteries in Germany for Porsche EVs by 2024. This will be a huge boost to Group14 as it will have just not a credible OEM partner but also one of the most iconic brands in the world of automobiles by its side. It will be breaking ground on the second BAM manufacturing facility on US soil in the Washington state area.
“Group14 is well-positioned to elevate all batteries by enabling the transformational performance of silicon in today’s lithium-ion and tomorrow’s solid-state applications. We have been laser-focused on scaling our factories to deliver commercial quantities to customers in a mission to eradicate charge anxiety as fast as possible. With incredible support from a consortium of strategic and institutional investors led by Porsche that believes in our vision and road map, we can continue to advance the batteries that breathe life into the electrification of everything,” said Rick Luebbe, the CEO of Group14.
Keyword: Battery Tech Group14 Raises $400 Million In Funding Round Led By Porsche