Group14 Technologies Secures $17 Million Series B to Scale Production of Lithium-Silicon Battery Technology
Led by South Korea's SK materials, the investment highlights growing global demand for high-performance, sustainably-sourced battery materials
WOODINVILLE, Wash., Dec. 21, 2020 /PRNewswire/ -- Group14 Technologies, a global provider of silicon-carbon composite materials for lithium-ion markets, today announced it has secured $17 million in Series B funding led by SK materials, one of the world's top manufacturers of special gases and industrial gases, with participation from returning investor OVP Venture Partners. Group14 will leverage this operating capital to scale production to meet the increasing demand for its flagship product SCC55™, which affords up to 50% more energy density than conventional graphite for lithium-ion batteries.
"In our role as one of the world's largest global manufacturers, we are constantly searching for promising companies with patented breakthrough technologies to stay ahead of the demand," said Lee Young Wook, CEO of SK materials. "Group14's innovative battery material chemistry maximizes high-quality production at cost, and we are excited to invest in a strong team with an exceptional growth trajectory to meet increasing global demand for a wide range of powerful and flexible storage solutions."
A leader in battery storage technology, Group14 recently announced plans to break ground on its new hydroelectric powered production facility in Moses Lake, Washington. The facility highlights the company's first steps to build out a domestic lithium-ion battery supply chain to meet growing demand from the electric vehicle market. Group14's breakthrough lithium-silicon technology, SCC55™, promises to deliver dramatically more energy density per volume to meet the increasing global demand for high-performing lithium-ion-based storage. Group14 has begun ramping up its pilot production and plans to supply its first commercial customers in consumer electronics in 1Q21, with more to follow in other markets.
Investments led by strategic players in the global lithium-ion landscape have been pivotal to the company's continued growth and demand. Group14's earlier financing was led by global battery leaders including Amperex Technology Limited (ATL), the largest producer of lithium-ion batteries for consumer electronics; Showa Denko, a Japanese materials company and the largest producer of graphite; Cabot Corporation, the leading producer of conductive additives; and BASF, the world's largest chemical producer.
"The investment by industry leaders such as SK materials, a long-time strategic manufacturing giant, is strong validation that Group14's next-generation lithium-silicon battery material technology has the potential to redefine the capabilities of battery technology," said Rick Luebbe, CEO of Group14 Technologies. "The battery is at the cornerstone of everything from electronics to electric vehicles, and we look forward to continuing to push the boundaries of battery storage to enable the electrification of everything."
About Group14 Technologies
Founded in 2015 to enable the coming electrification of everything, Group14's battery materials breakthrough brings new levels of energy performance to lithium-ion-powered devices and vehicles. Recognized by the Department of Energy for its novel, drop-in ready nanomaterials and reliable industrial-scale process, Group14 serves the global transition to an all-electric future with tunable performance for any use case. Company investors include Amperex Technology Limited (ATL), BASF, Cabot Corporation, OVP Venture Partners, Showa Denko and SK materials. Visit us at www.group14.technology.
About SK materials
SK materials Co Ltd is a Korea-based company engaged in the manufacture and sale of special gas and industrial gas. The company is engaged in the manufacturing business of special gases used in the manufacturing process of semiconductors and display panels, and the industrial gas manufacturing business that produces oxygen, nitrogen, argon, and carbon dioxide gases. The company produces nitrogen trifluoride (NF3), which is injected to remove any residues on the internal walls of chemical vapor deposition (CVD) chamber; silane (SiH4), which is used to deposit silicon on 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 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.
SOURCE Group14 Technologies
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