Porsche acquires shares in silicon-carbon tech firm to further EV transition

With the goal of keeping up with the industry’s EV race, Porsche acquires a stake in Washington-based company Group14 Technologies.

The investment to the advanced silicon-carbon technology company was made through Porsche’s investment arm, Porsche Ventures.

“The battery cell is the combustion chamber of the future. Our goal is to be a leading company within the global competition for the most powerful battery cell. It is not without pride that we are leading this broad-based funding round. It reflects that, through our venture capital unit Porsche Ventures, we have now gained a deep understanding of the world of venture capital,” said Porsche Executive Board Deputy Chairman and Finance and IT Executive Member Lutz Meschke.

“The characteristic properties of the new cell chemistry — fast charging, high performance, and low weight — pay dividends directly into the Porsche brand core. They are virtually in line with the development goals that we are writing in the specifications for our prospective electric sports cars,” added Porsche Research and Development Executive Board Member Michael Steiner.

The investment will allow Group14 Technologies to accelerate its worldwide production of anode material for lithium-ion batteries. Per Porsche, Group14 will be laying the foundations of another factory for the production of battery active materials (BAM) in the US before the end of 2022.

“Group14 is committed to elevating the performance of today’s lithium-ion and tomorrow’s solid-state batteries to accelerate the global energy transition. With support from a diverse consortium of investors, Group14 strives to deliver the next generation of silicon battery technology to support visionary OEMs like Porsche,” said Group14 Technologies Co-founder and CEO Rick Luebbe.

In the future, Group14 will also supply the Cellforce Group from Tübingen, in which Porsche holds a majority stake, with materials needed for battery production. With the Cellforce Group, Porsche looks to produce self-developed high-performance battery cells with silicon anodes for small series production, motorsport use, and high-performance vehicles.

“The anode material from Group14 has the potential to be a game-changer on the road to shorter charging times,” explained Cellforce Group COO Markus Gräf.

According to Porsche, Group14 Technologies was selected by Cellforce Group as the manufacturer of the most promising silicon anode material for Porsche’s requirements after an intensive review process.

Photos from Porsche

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