Group14 Closes an Additional $214M to Complete $614M Series C Funding Round
Summary
Group14s Series C round places it within the top 10 largest climate tech raises in 2022 Microsoft Climate Innovation Fund, Lightrocks Climate Impact Fund and Moore Strategic Ventures among investors in the Series C extension following the first close led by Porsche AG Financing supplemented by the Biden-Harris Administration and the DOEs grant award announced in to fund the buildout of Group14s BAM-2 factory inWOODINVILLE, Wash., Dec. 14, 2022 /PRNewswire/ -- , a global manufacturer and supplier of advanced silicon battery technology, today announced it has raised $214 million in additional financing from a consortium including , , Moore Strategic Ventures, , and . In conjunction with the recent $100 million grant from the Biden-Harris Administration and the U.S. Department of Energy (DOE), the Series C funding will be used to build Group14s second commercial-scale BAM-2 factory.To address the rapidly growing demand from global battery manufacturers and automotive original equipment manufacturers (OEMs), Group14 is aggressively building BAM factories globally, capable of producing commercial-scale quantities of advanced silicon battery technology that delivers higher performance than traditional lithium-ion batteries in terms of energy density and charge rates. "It comes down to shortening the path to market for OEMs so we can meet EV demand today," said Rick Luebbe, CEO & Co-Founder of Group14. "This additional financing follows Group14s $400 million Series C funding announced in May 2022, led by Porsche AG with participation from OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures and Moore Strategic Ventures.Citi and Nomura Greentech acted as joint placement agents on this transaction.Founded to enable the coming electrification of everything, Group14 is the leading commercial manufacturer and supplier of silicon battery technology to elevate the performance for all applications. To date, Group14 has raised $650 million in financing from notable investors and customers such as Porsche AG, Microsoft Climate Innovation Fund, OMERS Capital Markets, Decarbonization Partners, Amperex Technology Limited (ATL), BASF, Showa Denko and SK Inc. Visit us at .