Group14 Technologies, a global provider of silicon-carbon composite materials for lithium-ion markets, today announced it has secured $17 million in Series B funding led by SK Materials, a manufacturer of special gases and industrial gases, with participation from returning investor OVP Venture Partners.
Group14 will use this operating capital to scale production to meet the increasing demand for its flagship product SCC55, which affords up to 50% more energy density than conventional graphite for lithium-ion batteries.
Specializing in battery storage technology, Group14 recently announced plans to break ground on its new hydro-powered production facility in Moses Lake, Wash. The facility highlights the company’s first steps to build out a domestic lithium-ion battery supply chain to meet growing demand from the electric vehicle market.
Group14’s breakthrough lithium-silicon technology, SCC55, promises to deliver dramatically more energy density per volume to meet the increasing global demand for high-performing lithium-ion-based storage. Group14 has begun ramping up its pilot production and plans to supply its first commercial customers in consumer electronics in early 2021, with more to follow in other markets.
Investments led by strategic players in the global lithium-ion battery space have been pivotal to the company’s continued growth and demand. Group14’s earlier financing was led by global battery providers, including Amperex Technology Limited (ATL), the largest producer of lithium-ion batteries for consumer electronics; Showa Denko, a Japanese materials company and the largest producer of graphite; Cabot Corporation, producer of conductive additives; and BASF, the world’s largest chemical producer.
“The investment by industry leaders such as SK Materials, who are long-time strategic players in the global lithium-ion landscape, is strong validation that Group14’s next-generation lithium-silicon battery material technology has the potential to redefine the capabilities of battery technology,” said Rick Luebbe, CEO of Group14 Materials.
“The battery is at the cornerstone of everything from electronics to electric vehicles, and we look forward to continuing to push the boundaries of battery storage to enable the electrification of everything.”
For more information, visit group14.technology.