Group14 Technologies Inc., a battery startup, has just opened a second facility in the US, thus ramping up the battery industry. Constructed in Washington State and partially funded by a $100 million federal grant, the new Moses Lake plant intends to produce silicon-carbon material for battery anodes that will enable faster charging time and larger energy storage for electric cars.
The increased investment into the US battery industry comes as a result of the Biden administration’s priority of setting up a domestic supply chain for batteries. Group14 was one of the 20 battery-related companies to receive such grants from the Department of Energy, with competitor Sila Nanotechnologies also receiving a $100 million grant to open a plant in the same city.
Porsche AG, Microsoft Climate Innovation Fund, and a few other investors have since joined in with a $614 million Series C funding round that Group14 was able to benefit from. This material will also be used in the batteries of Porsche’s electric cars, setting up a profitable and beneficial relationship between the two companies.
In addition to the Moses Lake facility, Group14 also has a small operation in the Seattle area, with plans to open a factory in Korea this year, through a joint venture with SK Group. This shows Group14’s intention to continue developing the production of advanced battery technologies and further tapping into the market potential of batteries.
Rick Luebbe, the CEO of Group14, states “It’s really shifting the focus for battery production and supply chains”, highlighting that the investments made into the US battery industry are essential for boosting the industry and its progress.
