Porsche announced today that it has invested $100 million in Group14 Technologies, a producer of advanced silicon-carbon technology for lithium batteries. The automaker plans to use this technology in its high-performance vehicles.
“The battery cell is the combustion chamber of the future. Our goal is to be a leading company within the global competition for the most powerful battery cell,” says Lutz Meschke, who is in charge of finance at Porsche. “It is not without pride that we are leading this broad-based funding round. It reflects that, through our venture capital unit Porsche Ventures, we have now gained a deep understanding of the world of venture capital.”
The investment was part of a Series C funding round for the Woodinville, Washington-based company. Group14 received a total of $400 million in order to facilitate the construction of another factory to produce battery active materials in the U.S.
Group14 has developed a battery cell chemistry that relies on silicon as the anode material. that significantly increases the power density of the cell, compared to current batteries, allowing for greater range. The technology also reduces the battery’s internal resistance, meaning that it can also charge faster than today’s cells.
“The anode material from Group14 has the potential to be a game-changer on the road to shorter charging times,” said Markus Gräf, COO of the Cellforce Group.
Porsche said in a statement that Group14 will supply its products to the Cellforce Group, a joint venture company that the automaker founded with Customcells Holding in 2021. The company intends to develop and produce high-performance battery cells with these silicon anodes for small series production, motorsport, and high-performance vehicles in the future.
“The characteristic properties of the new cell chemistry – fast charging, high performance, and low weight – pay dividends directly into the Porsche brand core,” said Michael Steiner, Porsche’s head of R&D. “They are virtually in line with the development goals that we are writing in the specifications for our prospective electric sports cars.”
In addition to investing in electric vehicles, Porsche is also investing in e-Fuels in order to keep up with a greener future.
