May 04, 2022
🗓️ Don't miss Climate Deals' inaugural virtual event tomorrow, May 5, where Megan will interview Jigar Shah, director of the Loan Programs Office at the Department of Energy. Register here.
1 big thing: Group14 raises $400M Series C
Group14 Technologies raised a $400 million Series C led by Porsche, Alan reports.
Why it matters: This is the second big announcement from a silicon battery materials manufacturer in as many days, and both plan to open factories in Washington state.
Details: OMERS Capital Markets, Riverstone Holdings, Vsquared Ventures, Moore Strategic Ventures, and Decarbonization Partners were among the investors who participated in the round.
- Decarbonization Partners is a joint effort by BlackRock and Temasek.
- Group14 will use the money to build a commercial-scale factory in Washington to supply silicon materials for EV batteries.
What's happening: Group14 has developed battery anode technology that uses silicon instead of graphite, enabling greater energy density in batteries.
- This provides longer ranges for EVs and lighter-weight batteries for electric aviation.
- The silicon material also enables much faster charging, Group14 CEO Rick Luebbe tells Alan.
What's next: A big leap in manufacturing scale, from 10 tons to 1,000 tons per month, Luebbe says.
- Group14 last year opened its first battery active materials factory in Washington, where it's churning out silicon material for consumer electronics like earbuds and smart watches.
- Its new factory in Washington will be vastly larger in scale to support multiple EV programs.
What they're saying: "The industry has been waiting for a company to be able to make silicon materials that are usable at this kind of scale, and we’re the first ones to be able to do that," Luebbe tells Alan.