Porsche acquires stake in battery materials firm Group14 Technologies

Porsche has acquired a stake in innovative battery materials producer Group14 Technologies.

The sports car manufacturer has invested $139 million into the U.S.A-based producer of advanced silicon-carbon technology for lithium-ion batteries as part of a funding round in which several companies are investing a total of $554 million.

This investment, Porsche states, will continue to have access to high-quality future technology that will make the next generation of battery cells considerably more efficient than the lithium-ion batteries currently in use. In the future, Group14 will supply the high-performance battery cell manufacturer Cellforce Group, of which Porsche holds a majority stake. From there, the Cellforce battery cells are expected to be used in electrically powered Porsche vehicles with high-performance powertrains.

Group14 Technologies, meanwhile, plans to use the new capital to accelerate its worldwide production of anode material for lithium-ion batteries with the establishment of a new factory for the production of battery active materials in the U.S.A.