US Group14 Technologies, a silicon battery technology developer, has announced it has raised US$214m in additional financing from a consortium including Microsoft’s Climate Innovation Fund, Lightrock Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority and Molicel. The latest financing brings the company’s Series C round to US$614m.
“Batteries are becoming the backbone of the clean energy transition,” said Brandon Middaugh, director of Microsoft’s Climate Innovation Fund. “As we scout out solutions based on cutting-edge science that can accelerate decarbonization and support a more sustainable tomorrow, Group14’s technology shows strong potential to accelerate decarbonization of transportation, electronics, energy storage and beyond.”
Group14 launched its first Battery Active Materials (BAM-1) factory in Woodinville, Washington, in April 2021 with a production capacity of 120 tons per year of SCC55, its silicon-carbon battery technology. In conjunction with the recent US$100m grant from the Biden-Harris Administration and the US Department of Energy (DOE), the Series C funding will be used to build Group14’s second commercial-scale BAM-2 factory.
“It comes down to shortening the path to market for OEMs so we can meet EV demand today,” said Rick Luebbe, CEO and co-founder of Group14. “The market has been moving at a breakneck pace, and right now, we’re truly at a crossroads for the future of electrified mobility.”
