Group14 Technologies, a global provider of silicon-carbon composite materials for lithium-ion markets, announced it has secured $17 million in Series B funding led by SK materials, one of the world's top manufacturers of special gases and industrial gases, with participation from returning investor OVP Venture Partners. Group14 will leverage 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.
"In our role as one of the world's largest global manufacturers, we are constantly searching for promising companies with patented breakthrough technologies to stay ahead of the demand," said Lee Young Wook, CEO of SK materials. "Group14's innovative battery material chemistry maximizes high-quality production at cost, and we are excited to invest in a strong team with an exceptional growth trajectory to meet increasing global demand for a wide range of powerful and flexible storage solutions."
A leader in battery storage technology, Group14 recently announced plans to break ground on its new hydroelectric powered production facility in Moses Lake, Washington. 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 1Q21, with more to follow in other markets.
Investments led by strategic players in the global lithium-ion landscape have been pivotal to the company's continued growth and demand. Group14's earlier financing was led by global battery leaders 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, the leading producer of conductive additives; and BASF, the world's largest chemical producer.
"The investment by industry leaders such as SK materials, a long-time strategic manufacturing giant, 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 Technologies. "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."
Group14 Technologies | http://www.group14.technology