US Group14 closes Porsche-led funding round

US lithium-silicon batteries technology firm Group14 Technologies has raised USD 400 million (EUR 376.9m) in a Series C funding round led by German sports car manufacturer Porsche.

Participants in the fund-raiser also included OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, Moore Strategic Ventures and other large institutional investors, a press release said.

The financing round comes as Group14 plans to break ground on its second commercial-scale battery active materials (BAM) factory in Washington state.

Group14 is a manufacturer and supplier of advanced silicon-carbon technology for lithium-silicon batteries. It currently operates one factory in Washington state with two forthcoming factories -- one in South Korea as part of a joint venture with SK Group (coming online in 2022) and a second US factory (coming online in 2023).

The company has so far raised USD 441 million in financing.

(USD 1 = EUR 0.942)

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