Group14 Technologies, a world leader in silicon anode manufacturing, has completed a strategic financing round of $463 million. The round was led by Korean industrial conglomerate SK Group, and featured major investments from companies such as ATL, Lightrock, Microsoft, Porsche, and OMERS. This investment will help supercharge Group14’s manufacturing capabilities to meet the expected demand. It helps meet skyrocketing demand in the fast-growing global lithium-ion battery market.
The announcement comes at an important moment for the lithium-ion battery market. Per Precedence Research, this market is on track to expand by more than 15% per year for the next 10 years and quintuple in size. Group14’s achievements to this point in developing and commercializing silicon anodes are truly impressive. The company claims that their materials can increase energy density by 50% or more and reduce fast-charging times to less than 10 minutes.
Group14 recently hit a massive funding milestone. They crowed that they’ve acquired full ownership of their joint venture with SK in South Korea. This acquisition adds the BAM 3 factory, deepening Group14’s operational footprint. At present, the company runs three production facilities, two in the U.S. and one in South Korea.
Kristen Caron, a representative of Group14, stated that the company is “not disclosing any additional details about the round.” The infusion of capital signals strong confidence from investors in Group14’s potential to innovate within the battery technology sector.
Competing against other local heavyweights such as Sila, Group14 has emerged a strong contender in the fierce commercial race. Both startups have faced silicon’s fundamental challenges, such as its propensity to expand. They created architectures that trap silicon but maintain the integrity of the anodes.
The strides Group14 has made are amplified by the tremendous team of leaders at the helm and their credentials. Tim De Chant is a senior climate reporter at TechCrunch and a lecturer at MIT’s Graduate Program in Science Writing. He’s a great person to have in the room as we discuss the merits and challenges of emerging climate technologies. He earned his PhD in environmental science, policy and management from the University of California, Berkeley. Prior to that he received a BA in environmental studies, English and biology from St. Olaf College. In 2018 De Chant was awarded the Knight Science Journalism Fellowship at MIT. There, he worked across the climate technology portfolio and explored new business models for journalism.
