US-based lithium-ion battery technology developer Group14 Technologies has secured $18m in funding from investors including Amperex Technologies, Showa Denko (SDK), Cabot Corporation and BASF.
Lithium-ion battery producer Amperex invested alongside chemical producers Cabot and BASF, the latter through its BASF Ventures unit, as well as advanced materials provider SDK and venture capital firm OVP Venture Partners.
Founded in 2015, Group14 produces materials intended to enhance the performance of lithium-ion batteries. It uses silicon and nanostructured porous carbon to create nano-scale silicon that can improve the lifecycle of a battery.
The capital will support an expansion in the production of an anode material the company is looking to fully commercialise.
Rick Luebbe, Group14’s co-founder and CEO, said: “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.
“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 will be playing a significant role in making a fully-electrified automotive reality happen faster.”
The company has not disclosed details of any earlier financing. Gerry Langeler, managing director of OVP Venture Partners, has joined its board of directors.
