Group14 Technologies manufactures silicon-carbon nano-composite materials for electric vehicle batteries. Above, a piece of silicon. (Wikimedia Commons Photo)
A 3-year-old Seattle-area startup is raising cash to develop materials that improve batteries in electric vehicles.
A new SEC filing reveals that Group14 Technologies raised $14.3 million. The company confirmed the amount when contacted by GeekWire but declined to say more about the financing round, which has not yet closed.
The startup specializes in creating nanomaterials that improve battery performance. Specifically, Group14 is creating materials for silicon-carbon anodes, which store lithium in a charged battery. Silicon anodes are responsible for improving the charge of new cell phone and car batteries by as much as 40 percent over graphite anodes, the current industry standard.
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Panasonic, Samsung SDI and LG Chem currently lead the battery industry, but newer entrants including Tesla and China’s BYD have added new capacity at a breakneck pace in recent years.
Woodinville, Wash.-based Group14 spun out of EnerG2, a Seattle manufacturing firm that creates customized carbon materials for energy storage.
The company is headed by CEO and co-founder Rick Luebbe, who also …read more