Porsche leads $400 million investment in EV battery startup Group14

Electric vehicle battery startup Group14 has raised $400 million from a group of investors led by Germany’s Porsche (PSHG_p.DE), the firm said on Wednesday.

Part of that money, which boosts Group14’s valuation to more than a billion dollars, will be used to build a second battery materials factory in eastern Washington state, a few hours from the firm’s current site in Woodinville, outside Seattle, Chief Executive Officer Rick Luebbe said in an interview…

Because Group14’s silicon-carbon anode material enables lithium-ion batteries to hold up to 50% more energy, Luebbe said they can provide the same range as current graphite-based batteries, but with fewer cells, thus reducing the overall cost and size of the battery pack.