Porsche acquires stake in US battery materials producer

Sports car manufacturer Porsche is acquiring shares in the US company Group14 Technologies, a producer of advanced silicon-carbon technology for lithium-ion batteries.

As lead investor, Porsche is raising $100 million and leading a Series C funding round in which several companies are investing a total of $400 million.

Group14 Technologies, which is based in Woodinville in Washington state, intends to use the increase in capital to accelerate its worldwide production of anode material for lithium-ion batteries.

“The battery cell is the combustion chamber of the future. Our goal is to be a leading company within the global competition for the most powerful battery cell,” says Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT at Porsche AG.

Read more: Porsche forms joint venture with Croatian hypercar group Rimac

“It is not without pride that we are leading this broad-based funding round. It reflects that, through our venture capital unit Porsche Ventures, we have now gained a deep understanding of the world of venture capital.”

 “Group14 is committed to elevating the performance of today’s lithium-ion and tomorrow’s solid-state batteries to accelerate the global energy transition,” says Rick Luebbe, co-founder and CEO of Group14. “With support from a diverse consortium of investors, Group14 strives to deliver the next generation of silicon battery technology to support visionary OEMs like Porsche.”

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