A consortium has invested $214 million in Group14 Technologies, a battery manufacturer in Woodinville, Washington. The most recent funding pushes the Series C round for Group 14’s to $614 million.
Microsoft’s Climate Innovation Fund, Lightrock’s Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel all took part in the investment round.
As part of the Series C round, the business received a $400 million investment in May, and in October, it received a $100 million federal grant.
According to Group 14 technologies, it is valued at over $3 billion and employs more than 100 people. The battery manufacturer has almost overnight become one of the Pacific Northwest’s top tech companies thanks to a series of investments this year.
The battery market will undoubtedly keep expanding due to rising EV sales and requirements in the federal Inflation Reduction Act that encourage local battery manufacture, so its acceleration is expected to continue.
According to Pitchbook, one of the top 10 largest financings in the climate tech industry to be completed in 2022 is Group14’s Series C investment.
“Batteries are becoming the backbone of the clean energy transition,” said Brandon Middaugh, Director of Microsoft’s Climate Innovation Fund.
“As we scout out solutions based on cutting-edge science that can accelerate decarbonization and support a more sustainable tomorrow, Group14’s technology shows strong potential,” added Middaugh.
Group 14 technologies aims to enable the rapid electrification of everything
To improve performance for all applications, Group14 technologies is the top commercial manufacturer and provider of silicon battery technology.
The startup is aggressively constructing BAM factories worldwide to meet the quickly expanding demand from international battery producers and car original equipment manufacturers (OEMs).
Advanced silicon battery technology, which outperforms conventional lithium-ion batteries in energy density and charge speeds, can be produced commercially at these plants.
According to the startup, a silicon-carbon composite material has been developed that can replace the graphite anodes in lithium-ion batteries, enhancing their efficiency by 50 percent and enabling quicker recharge times. “It comes down to shortening the path to market for OEMs so we can meet EV demand today,” said Rick Luebbe, CEO & Co-Founder of Group14 technologies.
“The market has been moving at a breakneck pace, and right now, we’re truly at a crossroads for the future of electrified mobility. This investment is a testament to the mission on which Group14 has been founded: a cleaner, more sustainable planet for generations to come,” added Luebbe.