SEATTLE, Wash., Nov. 21, 2019 — Group14 Technologies today announced $18 million in new financing from Amperex Technologies Limited (ATL), Showa Denko (SDK), Cabot Corporation, BASF Venture Capital, and OVP Venture Partners. The new funds will be used to scale up manufacturing of a next-generation anode material and advance into commercial production.
“The participation of these industry leaders together is strong validation of our product’s performance, scalability, and strong intellectual property position, not to mention the enormous market opportunity,” said Rick Luebbe, Co-Founder and CEO, Group14 Technologies. “When the automotive industry is fully electrified, there will be a nearly trillion-dollar battery industry, 25 times bigger than today. Partnering with the most influential players in the space, we’ll be playing a significant role in making a fully-electrified automotive reality happen faster.”
Automotive icon, visionary and Group14 Board Member, Bob Lutz adds: “The opportunity to aggressively advance the electrification of the transportation system is right now. It is innovative materials that will create the greatest impact. Group14 Technologies will be one of the companies that helps to make electric vehicles widespread and ubiquitous.”
An Innovative Process: Incorporating Silicon Into a Porous Carbon Framework
Group14 Technologies manufactures novel lithium-ion battery materials that boost battery performance. Unlike competing technologies, Group14’s materials are designed for low cost and “drop in” compatibility with existing lithium-ion battery production. Group14’s materials dramatically improve Li-ion battery costs and will help electric vehicles reach cost parity with internal combustion engine-powered cars.
Covered by extensive composition of matter and process patents, Group14 Technologies’ breakthrough is a novel, cost-effective process, which allows the company to combine nanostructured porous carbon with silicon to form a sponge-like composite. This structure provides high capacity and structural integrity through extended battery cycling.
“The lithium-ion battery industry is aggressively seeking higher performance anode materials to improve battery performance, and Group14’s silicon-carbon composite is uniquely positioned to fill that need,” said Henry “Rick” Costantino, Ph.D., Co-Founder and CTO, Group14 Technologies.
Adds Luebbe: “The electrification of the transportation system is a global infrastructure issue and opportunity. ATL, SDK, Cabot, BASF, and OVP provide unmatched experience that will extend our materials footprint and our impact on the industry.”
“We have a strong interest in Group14 Technologies’ silicon-carbon composite as a high-performance anode material for next-generation lithium-ion batteries. This product’s high first cycle efficiency, exceptional cycle life, and drop-in compatibility with existing graphite anode processes and equipment will enable its rapid adoption.” said Joe Kit Chu Lam, Executive Vice-President of ATL.
