Battery materials startup Group14 announced Wednesday it has raised $463 million in a Series D funding round to expand its global manufacturing capacity, underscoring investor confidence in the future of electric vehicles.
Group14 develops silicon anode materials that can significantly increase the storage capacity of lithium-ion batteries. The company currently runs three factories, two in the United States and one in South Korea, and says the new funding will help accelerate production.
The round was led by SK, with participation from ATL, Lightrock, Microsoft, Porsche, and OMERS. Group14 also revealed it has acquired full ownership of a South Korean joint venture with SK, taking control of the BAM 3 factory. Financial details of the JV acquisition were not disclosed.
Silicon is seen as a game-changing replacement for graphite, the standard material for battery anodes, because it can store up to 10 times more electrons. However, pure silicon tends to degrade quickly due to expansion and contraction during charging cycles. Group14 addresses this by creating a scaffold-like structure with internal voids that give silicon room to expand, preserving the anode’s integrity.
The company says its silicon-based material can increase energy density by as much as 50% while reducing charging times to under 10 minutes. With the global lithium-ion battery market expected to quintuple over the next decade, Group14 is positioning itself at the forefront of innovations that could make EVs more efficient and affordable.
