Porsche plans to boost EV production with batteries that promise greater efficiency.
In a series C fundraising round, the German automaker invested $100 million in Group 14 Technologies, a US-based business known for its pioneering contributions to lithium-silicon battery technology. Group 14 is currently developing global strategies to produce anode materials for lithium-ion batteries.
The company intends to build high-quality, commercially available battery cells using cash. These cells are thought to have been used in small series production, Motorsports, and high-performance automobiles. According to Group 14, the anodes can store 50% more energy than ordinary electric car batteries. A joint venture is anticipated to begin mass manufacturing in 2024. Porsche isn’t the only company that has invested in Group 14, with a total of $400 million invested in the battery maker.
cFor a long time, the EV sector has been highly reliant on Li-ion cells. Despite its established supply and demand, Li-ion is under threat from more efficient alternatives. Carmakers have been aggressively seeking new solutions to reduce production costs and make EVs more accessible and viable.
Luxury EV racing has been a ferocious battleground for firms like Porsche, who seek a large share of the newly developed industry. The $100 million investment allows Porsche to capitalize on the untapped promise of new technology. Porsche has previously released the Taycan, a fully electric vehicle that has become one of the world’s best-selling luxury EV automobiles.