The investment will help Group14 meet the rising demand for its flagship offering and support electrification of the automobile sector
Washington-based Li-ion battery technology maker, Group14 Technologies has reportedly bagged funds worth USD 17 million from SK materials to accelerate the production of its patented lithium-silicon battery material- SCC55. The investment demonstrates a clear indication of the growing market demand for better-performing battery technology.
The American company has manufactured a silicon-carbon material called SCC55 that carries the capability to completely substitute graphite in the anode to expand the life and stability of a battery.
According to Rick Costantino, Group14 Technologies’ CTO, the recent investment by SK materials will help increase the production capabilities of the company to meet the rising demand for its flagship offering, positioning Group14 to support the electrification of the automobile sector.
Rick claims that the funding comes at an integral time after the company announced the establishment of a new commercial manufacturing unit in Washington, showcasing that it is aiming at developing a national supply chain for Li-ion batteries to meet the rising demand for the electric-vehicle industry. He added that with improvements done by them over time, the company has developed a much simpler process that is more environmentally friendly.
Seemingly, the demand for an effective battery solution in electric vehicles continues to grow strong as EVs gain considerable traction. The latest battery technology by Group14 offers many performance advantages, such as offering a larger specific capacity, although it suffers from a significant increase in volume, especially during charging.
As per a report, the investment authenticates the functioning of SCC55, which allows for a rise in energy density by nearly 50%. Silicon carries the ability to store over more charge as compared to graphite and also enhances the charging speed. Group14 utilizes silicon nanoparticles also offers a longer life cycle.