Group14 Technologies, a global provider of silicon-carbon composite materials for lithium-ion markets, has secured $17 million in a Series B funding round led by SK materials, a manufacturer of special gases and industrial gases. Group14 will leverage this operating capital to scale production to meet the increasing demand for its flagship product, SCC55, which it hopes will provide 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. “Group14’s innovative battery material chemistry maximizes high-quality production at cost.”
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 EV market. Group14 has begun ramping up its pilot production, and plans to supply its first commercial customers in consumer electronics in Q1 2021.
“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 Group14 CEO Rick Luebbe.