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Porsche is investing $100M in lithium-silicon batteries

 


Porsche Betting On Lithium-Silicon Batteries With $100M Investment



Porsche today announced a $100 million investment in Group14 Technologies, a company that develops innovative silicon-carbon technology for lithium batteries. This technology will be used in the automaker's high-performance automobiles.


"The combustion chamber of the future is the battery cell." Lutz Meschke, Porsche's finance director, states, "Our objective is to be a leading firm in the worldwide battle for the most powerful battery cell." "We are really proud to be spearheading this broad-based financing round. It represents our profound experience of the venture capital business, which we have earned via our venture capital subsidiary Porsche Ventures."



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The investment was made as part of the company's Series C capital round in Woodinville, Washington. Group14 won a total of $400 million to help with the development of a new facility in the United States to create battery active materials.


Group14 has discovered a chemical for battery cells that use silicon as the anode material. When compared to existing batteries, this considerably boosts the cell's power density, allowing for better range. The method also lowers the internal resistance of the battery, allowing it to charge faster than current cells.


"Group14's anode material has the potential to be a game-changer on the way to faster charging times," stated Cellforce Group COO Markus Gräf.


Group14 will offer its products to the Cellforce Group, a joint venture business that Porsche formed with Customcells Holding in 2021, according to a release. The business plans to use these silicon anodes to design and manufacture high-performance battery cells for small series manufacturing, racing, and high-performance automobiles in the future.


"The quick charging, high performance, and low weight characteristics of the new cell chemistry pay rewards straight into the Porsche brand core," stated Michael Steiner, Porsche's head of R&D. "They're almost identical to the development goals we're putting down in the specs for our next electric sports vehicles."


Porsche is investing on e-Fuels in addition to electric vehicles in order to stay up with the competition.

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