Posted by Sachit Bhat On 04-May-2022 12:22 PM
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Porshe is raising a whopping USD 100 million and leading a Series C funding for a US-based company that produces battery material named Group14 Technologies.
Porshe, a German automotive manufacturer, announced that it has acquired stake in a US-based company that produces battery material named Group14 Technologies. This company is the producer of advanced silicon-carbon technology for Lithium-ion batteries.
Porshe is also raising a whopping USD 100 million and leading a Series C funding round where in there are several companies that are investing, which by now has accounted for a total of USD 400 million. The company based out in Woodinville in Washington has intentions to use the funds to ramp up the global production of anode materials for the lithium-ion batteries, as per the company officials.
As per some reports, the company will lay the foundations of another factory for the manufacturing and production of battery active materials (BAM) in the US only. Lutz Meschke, Deputy Chairman and Member, Executive Board, Finance and IT, Porshe AG, said, “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. It is not without pride that we are leading this board-based funding round. It reflects that, through our venture capital unit Porshe Ventures, we have now gained a deep understanding of the world of venture capital.”
In future they also have plans to supply the Celiforce Group from Tubingen, in which Porshe already has majority of the stakes. This joint venture aims to produce self-developed high-performance battery cells with silicon anodes for small series production, high-end and high-performance vehicles, and motorsports in Germany from 2024.
“The characteristic properties of the new cell chemistry – fast charging, high performance and low-weight- pay dividends directly into the Porshe brand core. They are virtually in line with the development goals that we are writing in the specifications for our prospective electric sports cars”, said Michael Steiner, Member Executive Board, Research and Development.
20-May-2022 11:33 AM
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