SA国际传媒

closed a $400 million Series C led by huge German auto OEM as the EV market continues to grow.

The Woodinville, Washington-based company is a manufacturer of materials needed to create lithium-silicon batteries. The new money will be used to increase the company鈥檚 manufacturing ability.

Group14 already operates a commercial-scale factory in Washington state, and has plans for one in both South Korea鈥� a joint venture with 鈥� and another one in the US.

The development of EV batteries has become big among investors. Last year saw record investment, with more than $3.6 billion going to hardware and software companies developing better battery technologies, according to SA国际传媒 data.

Group14鈥檚 new round marks the largest round in the sector this year and the third nine-figure raise in 2022, according to SA国际传媒. Other rounds include:

• Woburn-based battery-maker raised $200 million as part of a Series D round led by and in January.
• China-based lithium-ion batteries manufacturer closed a round worth nearly $144 million in March.

Along with the new round, it also was announced Porsche subsidiary Cellforce Group will be a customer of Group14.

鈥淥ur investment in Group14 is an important step for Porsche’s M&A activities,鈥� said 鈥攄eputy chairman and member of the executive board of finance and IT at Porsche AG鈥攊n a release. 鈥淲e have been actively investing in ambitious companies since 2016 and through our venture capital unit , we have gained a deep understanding of the venture capital world and are excited to lead this round.鈥�

The new round also included investment from , Decarbonization Partners, , , and other large institutional investors.

Group14 has raised $441 million to date, according to the company.

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