US-based lithium-ion composite materials supplier Group14 Technologies collected $17m yesterday in a series B round led by specialty industrial gas producer SK Materials that included venture capital firm OVP Venture Partners.
Group14 provides materials that facilitate the production of enhanced silicon-based anodes for lithium batteries. The funding will be used to ramp up its manufacturing capacity to meet demand for its flagship product, a performance graphite material called SCC55.
The company raised $18m in a November 2019 round backed by OVP Venture Partners, lithium-ion battery maker Amperex, advanced materials provider Showa Denko (SDK) and chemical producers Cabot and BASF, the latter through its BASF Ventures subsidiary.
Venture capital firm Yaletown Partners also lists Group14 in its portfolio. SK Materials CEO Lee Young Wook said this week: “In our role as one of the world’s largest global manufacturers, we are constantly searching for promising companies with patented breakthrough technologies to stay ahead of the demand.
“Group14’s innovative battery material chemistry maximises high-quality production at cost, and we are excited to invest in a strong team with an exceptional growth trajectory to meet increasing global demand for a wide range of powerful and flexible storage solutions.”