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Porsche invests in Group14 Technologies for EVs

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Porsche Group14 Technologies

Porsche is continuing its investments in companies that produce technology for electric vehicles, its latest investment is in Group14 Technologies.

The company produces battery active materials (BAM) for use in batteries for electric vehicles in the USA and the company will set up a new factory.

As lead investor, Porsche is raising 100 million US dollars and leading a Series C funding round in which several companies are investing a total of 400 million US dollars (about 328 million euros).

Group14 Technologies, which is based in Woodinville in Washington state, intends to use the increase in capital to accelerate its worldwide production of anode material for lithium-ion batteries. Before the end of the year, Group14 will be laying the foundations of another factory for the production of battery active materials (BAM) in the US. In future, Group14 will also supply the Cellforce Group from Tübingen, in which Porsche holds a majority stake. Cellforce was founded in 2021 by Porsche and Customcells Holding. From 2024, in Germany, the joint venture intends to produce self-developed high-performance battery cells with silicon anodes for small series production, motorsport and high-performance vehicles. The Cellforce battery cells are expected to be used in electrically powered Porsche vehicles with high-performance powertrains.

You can find out more details about the investment by Porsche in Group14 Technologies over at the Porsche website at the link below.

Source Porsche

Filed Under: Auto News, Technology News



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