WOODINVILLE, Washington, December 14, 2022 — Group14 Technologies, a global manufacturer and supplier of advanced silicon battery technology, announced that it had received an additional USD 214 million in funding from a consortium that includes Microsoft’s Climate Innovation Fund, Moore Strategic Ventures, Lightrock Climate Impact Fund, Oman Investment Authority, and Molicel. The current round of funding raises Group14’s Series C round total to USD 614 million.
According to Pitchbook, Group14’s Series C transaction is one of the top ten largest climate tech financings conducted in 2022. The rising relevance of market-ready, transformative battery technology to enable the electrification of everything has sparked a surge of interest in commercial silicon battery technology producers like Group14 from strategic, financial, and impact investors.
“Batteries are increasingly becoming the backbone of the sustainable energy transformation,” said Brandon Middaugh, Director of Microsoft’s Climate Innovation Fund. “As we look for cutting-edge science-based solutions to accelerate decarbonization and promote a more sustainable tomorrow, Group14’s technology shows tremendous promise to advance decarbonization of transportation, electronics, energy storage, and beyond.”
In April 2021, Group14 opened its first Battery Active Materials (BAM-1) plant in Woodinville, WA, with a nameplate capacity of 120 tons per year of SCC55TM, their silicon-carbon battery technology. The Series C investment will be combined with the recent USD 100 million awards from the Biden-Harris Administration and the United States Department of Energy (DOE) to construct Group 14’s second commercial-scale BAM-2 facilities.
Group14, founded to facilitate the future electrification of everything, is the leading commercial manufacturer and provider of silicon battery technology to improve performance in all applications. Group14 now runs a commercial-scale Battery Active Materials production in Woodinville, Washington, with two additional factories on the way: a joint venture factory in South Korea with SK, Inc. and a second U.S. factory.
“It all boils down to reducing the road to market for OEMs so we can satisfy EV demand now,” said Group14 CEO and Co-Founder Rick Luebbe. “The market has been moving at breakneck speed, and we are genuinely at a tipping point for the future of electric transportation. This investment demonstrates Group14’s commitment to creating a cleaner, more sustainable world for future generations.”
This latest funding comes on the heels of Group14’s USD 400 million Series C funding announcement in May 2022, which was headed by Porsche AG and included OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, and Moore Strategic Ventures.
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