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German luxury sports car giant Porsche has joined the bandwagon of auto companies that are betting big on Lithium-Silicon batteries. While many automotive brands are betting big of Evs, there is a lot of space for innovation, and the batteries seem to be one of the primary aspects to develop.
Porsche has been delivering unique and sustainable sports cars for over 70 year, and they have now reportedly infused sizable funding in battery developer Group14 Applied Sciences. The invested amount is $100 million as part of a bigger $400 million Sequence C funding round.
Group14 Technologies, a developer of materials that improve lithium-silicon battery performance, has raised funds from a group led by Porsche AG, OMERS Capital Markets, Decarbonization Partners and other investors. Group14 will begin constructing its second plant in the US with this money, it is reported. They are one of many startups endeavoring to develop silicon-based anodes that may be repeatedly charged and discharged without becoming dysfunctional.
Group14 says that its carbon-silicon materials might be blended with graphite anodes too, and that it may be assembled into a current battery manufacturing line with few modifications. The group is focused on making lithium-silicon batteries for Porsche battery packs in 2024. For Porsche, this enables lightweight, high-performance sports vehicles.
More automakers are also turning to lithium-silicon-based batteries because it is compatible with existing manufacturing processes.
“Our investment in Group14 is an important step for Porsche,” said Lutz Meschke, Deputy Chairman of Porsche AG, and member of the executive board. “We have been actively investing in ambitious companies since 2016 and through our venture capital unit,” he added.
“Group14 is well-positioned to elevate all batteries by enabling the transformational performance of silicon in today’s lithium-ion and tomorrow’s solid-state applications,” said Rick Luebbe, Group14 co-founder, and CEO.