Group14 Technologies Appoints Porsche's Dr. Michael Steiner to Board of Directors, Elevating Its Bench of Electric Mobility Visionaries
Dr. Steiner joins Group14 as the company ramps production of its silicon battery technology
WOODINVILLE, Wash., Sept. 15, 2022 /PRNewswire/ -- Group14 Technologies, a global manufacturer and supplier of advanced silicon battery technology, today announced the appointment of Porsche AG Executive Board Member for Research and Development Dr. Michael Steiner, to its board. An industry visionary in the global automotive space, Dr. Steiner joins Group14 with decades of product innovation experience at leading global automakers such as Porsche and Daimler.
Dr. Steiner's appointment follows Group14's $400 million Series C funding in May 2022, led by Porsche AG with participation from OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures and Moore Strategic Ventures. Dr. Steiner is the latest appointment to the Group14 board, which includes Bob Lutz, who previously served as a senior executive and board member of General Motors, Ford and Chrysler; Gerry Langeler, Managing Director of OVP Partners; and Rick Luebbe, Group14's Chief Executive Officer.
"The automotive space is rapidly changing course toward electrification, making cells and batteries what I call the 'combustion chambers of the future,'" said Dr. Michael Steiner. "With its silicon anode approach, which utilizes accessible materials to achieve significant energy density increases, Group14 has the potential to become the EV cell technology behind the biggest automotive brands in the world."
Adding to the commercial manufacturing capacity at its first U.S. Battery Active Materials (BAM) factory in Woodinville, Washington, Group14 is building a second larger BAM factory in eastern Washington to supply major-scale battery production in support of full EV programs. Simultaneously, to meet the dual sourcing requirements of automotive customers, Group14 – as part of its joint venture with SK Inc. – will be commissioning another large commercial-scale factory in South Korea by end-of-year.
"At Group14, our team is just as important as our technology," said Rick Luebbe, CEO & co-founder of Group14. "E-Mobility innovation masterminds like Michael are central to helping accelerate not only Group14's growth, but the electrification transition as a whole. We feel fortunate to work closely alongside industry leaders who have been shaping the future of mobility for years."
Founded to enable the coming electrification of everything, Group14's breakthrough technology for silicon batteries elevates the performance for all applications to accelerate the global transition to an all-electric future. Group14 currently operates a commercial-scale Battery Active Materials factory in Washington state with two forthcoming factories: one in South Korea as part of a joint venture with SK Group (coming online in 2022) and a second U.S. factory (coming online in 2023). To date, Group14 has raised $441 million in financing from Porsche AG, OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, Moore Strategic Ventures, Amperex Technology Limited (ATL), BASF, Cabot Corporation, Showa Denko, OVP Venture Partners and SK Inc. Visit us at www.group14.technology.
Media contact:
Mission Control Communications for Group14
[email protected]
SOURCE Group14
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