Group14 Technologies, a global manufacturer and supplier of advanced silicon battery technology, raised $214 million in additional financing from a consortium including Microsoft Corp’s (NASDAQ: MSFT) Climate Innovation Fund, Lightrock Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel.
The latest financing brings Group14’s Series C round to $614 million.
“Batteries are becoming the backbone of the clean energy transition,” said Brandon Middaugh, Director of Microsoft’s Climate Innovation Fund.
The battery startup, valued at over $3 billion, won a $100 million grant from the U.S. Energy Department through the 2021 infrastructure bill, the Wall Street Journal reports.
It raised $400 million earlier this year from investors including Porsche Automobile Holding SE (OTC: POAHY), Riverstone Holdings Ltd (OTC: REVSF), and a joint venture between BlackRock, Inc (NYSE: BLK) and Singapore state-owned investor Temasek Holdings Ltd.
Group 14 says its silicon anode material is more efficient than existing graphite technology, potentially fueling more powerful batteries for automakers like Porsche.
Group14 says its existing commercial factory in Washington led ahead of Sila Nanotechnologies Inc, Enovix Corp (NASDAQ: ENVX), and Amprius Technologies, Inc (NYSE: AMPX).
Group14 plans to use the new funding to accelerate the development of a larger manufacturing facility in central Washington that will produce material for batteries capable of powering at least 100,000 electric cars.
Group14’s material can easily replace or work alongside graphite, allowing it to be integrated into the existing battery supply chain, which should help the company grow more quickly, Middaugh said.
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Source: https://finance.yahoo.com/news/microsoft-bets-ev-battery-startup-125719211.html