Home Funding Group14 Technologies driving Next-Gen Batteries raises US$ 17M Series B funding

Group14 Technologies driving Next-Gen Batteries raises US$ 17M Series B funding

Group14 Technologies driving Next-Gen Batteries raises US$ 17M Series B funding
Group14 Technologies driving Next-Gen Batteries raises US$ 17M Series B funding

Group14 Technologies, a Washington based startup raises US$ 17 million series B funding held in December 2020. It is working on the Next-Gen of energy storage. The company is headquartered in Woodinville, Washington. It provides silicon-carbon composite materials for lithium-ion markets which is a fancy way of saying advanced battery materials. SK Materials led the funding with participation from returning investor OVP Venture Partners. The new funding gives Group14 almost US$ 35 million in total investment since the startup was founded in 2015. This includes $30 million in venture-backed funding and $5 million in government grants.

The company plans to use the funds to scale production for its flagship lithium-silicon technology, SCC55, that boosts energy density 50 percent more than conventional graphite for lithium-ion batteries. Electric vehicles, medical devices, aviation and grid storage are the devices which will use the product

What Group14 Technologies has to say

Rick Luebbe, the CEO of Group14 Technologies said, “In the electric vehicle space, this kind of increase could bring the cost gap down between electric vehicles and gas combustion engines. We see this as today’s technology, not tomorrow’s technology. It will drop into current infrastructure and remove a lot of the hurdles.”

“Our next steps are to continue to validate the technology and other processes. We are also looking at new partnerships and strategic investors that parallel our Series A that includes battery industry experts. This validates the technology more effectively and provides experts in materials, the making and deployment of them, as well as selling. It puts us in position for future success”, he also added.

About Group14 Technologies

Group14 Technologies
Group14 Technologies

The company was founded in 2015 by Rick Luebbe. Its main focus is to enable the coming electrification of everything, Group14’s battery materials breakthrough brings different levels of energy performance to lithium-ion-powered devices and vehicles. The company investors include Amperex Technology Limited (ATL), BASF, Cabot Corporation, OVP Venture Partners, Showa Denko and SK materials. 

About SK Materials

SK Materials
SK Materials

SK materials Co Ltd, a Korea-based company engaged in the manufacture and sale of special gas and industrial gas. The company produces nitrogen trifluoride (NF3), that is injected to remove any residues on the internal walls of chemical vapour deposition (CVD) chamber; silane (SiH4), that is used to deposit silicon on the wafer in semiconductors and to deposit silicon on TFT on top of glass substrates for TFT-LCD; tungsten hexafluoride (WF6), which makes contact plugs during the CVD process, as well as dichlorosilane (DCS), which is silicon precursor gas used in combination with ammonia for SiH4 CVD and for deposition of epitaxial silicon.

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