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Group14 Applied sciences CTO Rick Costantino and CEO Rick Luebbe are seen outdoors of the corporate’s commercial-scale Battery Energetic Supplies (BAM) manufacturing manufacturing unit in Woodinville.
Group14 Technologies, a Woodinville-based producer of superior silicon battery expertise, has raised an extra $214 million in Sequence C financing, it introduced immediately.
The financing comes from a consortium that features Microsoft’s Local weather Innovation Fund, Lightrock Local weather Impression Fund, Moore Strategic Ventures, Oman Funding Authority, and Molicel.
The extra funding brings Group14’s Sequence C spherical to $614 million, making it one of many prime 10 largest financings within the local weather tech sector this yr, Group14 mentioned in a information launch, citing information from Seattle-based PitchBook.
Rick Luebbe, co-founder and CEO of Group14 Applied sciences.
The most recent increase follows news in May that Group 14 had raised $400 million in Sequence C financing by a bunch led by Porsche AG.
The rising significance of market-ready, transformational battery expertise to energy the electrification of every thing has pushed curiosity from strategic, monetary, and influence buyers in business producers of silicon battery expertise like Group 14, the corporate mentioned in its launch.
“Batteries have gotten the spine of the clear power transition,” Brandon Middaugh, director of Microsoft’s Local weather Innovation Fund, added within the launch. “As we scout out options primarily based on cutting-edge science that may speed up decarbonization and help a extra sustainable tomorrow, Group 14’s expertise exhibits robust potential to speed up decarbonization of transportation, electronics, power storage, and past.”
Group 14 launched its Battery Energetic Supplies (BAM-1) manufacturing unit in Woodinville in April 2021 with capability for 120 tons per yr of its SCC55 silicon-carbon battery expertise. It’s constructing one other manufacturing unit, BAM-2, in Moses Lake, because of the Sequence C funding and a $100 million grant from the U.S. Division of Power.
To handle demand from carmakers and international battery producers, Group14 is constructing factories globally to supply silicon battery expertise that delivers greater efficiency than conventional lithium-ion batteries by way of power density and cost charges, it mentioned. Group 14 is constructing one other BAM manufacturing unit in South Korea in a three way partnership with SK Inc.
“It comes all the way down to shortening the trail to marketplace for OEMs (unique tools producers) so we will meet EV demand immediately,” Rick Luebbe, CEO and co-founder of Group 14, mentioned in immediately’s launch. “The market has been transferring at a breakneck tempo, and proper now, we’re actually at a crossroads for the way forward for electrified mobility. This funding is a testomony to the mission on which Group14 has been based: a cleaner, extra sustainable planet for generations to return.”
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