Porsche AG, planning for rapid electric vehicle sales growth in this decade, said it has taken the lead on a $400 million funding round for Group14 Technologies, a provider of silicon-carbon materials for EV batteries.
Porsche led the series C round and was joined by other financial and strategic investors including Canada's OMERS Capital Markets and BlackRock-backed Decarbonization Partners, according to a Wednesday statement.
Group14 said it has plans to open a second commercial-scale factory in the U.S. to keep up with demand from customers such as Cellforce Group, a Porsche-backed joint venture.
Group14 provides advanced materials for lithium-silicon batteries, which the startup claims can provide 50 percent higher performance and longer range than typical lithium ion batteries.
"The battery cells are the combustion chamber of the future," Porsche Deputy Chairman Lutz Meschke said in a statement. "We are investing in the development of new high-performance cells with Cellforce and in the production of battery modules. As a result, Porsche has decided to partner with Group14 Technologies."
The funding comes just weeks after Porsche CEO Oliver Blume said the luxury brand plans for more than 80 percent of its global sales to be fully electric by 2030.