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Group14 raises $400M in Series C; Porsche leads with $100M

Group14 Technologies, a global manufacturer and supplier of advanced silicon-carbon technology for lithium-silicon batteries, raised $400 million in Series C funding led by Porsche AG with participation from OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, Moore Strategic Ventures, and other large institutional investors.

To deliver to customers including Porsche subsidiary Cellforce Group, Group14 plans to break ground on its second commercial-scale battery active materials (BAM) factory in the US to stay ahead of demand from markets reliant on high-performing batteries.

To meet fast-approaching targets worldwide for vehicle electrification and EV adoption, Group14’s next-generation materials help lithium-silicon batteries deliver 50% higher performance than traditional lithium-ion batteries, eliminating range and charge anxiety.

Despite all global challenges, we are driving forward on our future projects consistently including digitalization and electrification. Our investment in Group14 is an important step for Porsche’s M&A activities. We have been actively investing in ambitious companies since 2016 and through our venture capital unit Porsche Ventures, we have gained a deep understanding of the venture capital world and are excited to lead this round.

—Lutz Meschke, deputy chairman and member of the executive board of Finance and IT at Porsche AG

Cellforce Group is set to produce high-performance lithium-silicon battery cells in South Germany beginning in 2024 to be installed in electrically powered Porsche models.

The battery cells are the combustion chamber of the future. We are investing in the development of new high-performance cells with Cellforce and in the production of battery modules. As a result, Porsche has decided to partner with Group14 Technologies.

—Lutz Meschke

Joining Porsche AG is a combination of domestic and international financial and strategic investors including OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, Moore Strategic Ventures, and other large institutional investors whose expertise help to herald the next frontier of automotive performance and sustainability.

In the past 12 months, Group14 has launched a commercial-scale Battery Active Materials factory in the US and broken ground on a joint venture factory with SK Group in South Korea. To meet rising energy storage demand globally, Group14 is poised to accelerate delivery of its mass-market, drop-in ready technology, SCC55, which is capable of turning any gigafactory into a 1.5GW facility overnight. Already validated in EV-scale batteries and for extreme fast charging applications, Group14’s technology helps leapfrog significant barriers to high-performing battery applications.

Citi and Nomura Greentech acted as joint placement agents on this transaction.

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