Friday, January 27, 2023
News Porsche Invests in a New Battery Technology

Porsche Invests in a New Battery Technology

Porsche is investing in a company that will provide it with batteries for its highest performance vehicles.

Announcements concerning battery production have been multiplying at a rapid pace in recent months. This time, it’s Porsche‘s turn to invest $100 million in Group14 Technologies, a producer of anode materials for lithium-ion batteries. The small company intends to build another factory for the production of active materials for batteries in the United States.

Group14 Technologies, will also supply the Tübingen, Germany-based Cellforce Group, a company in which Porsche holds a majority stake. Founded in 2021 by Porsche and Customcells Holding, Cellforce aims to produce high-performance battery cells with silicon anodes, these batteries being intended for use in motorsports and high-performance cars, a field that the Stuttgart brand knows rather well. In fact, Porsche confirms that these batteries will be installed in future high-performance vehicles in its electric range.

This agreement with Group14 Technologies guarantees Cellforce access to high-quality, cutting-edge technology that will replace the lithium-ion batteries that currently dominate the market. These new silicon anode cells have a higher power density, which also means that they will be able to store more energy in the same size. What’s more, the range between recharges will be even greater.

The internal resistance of the battery would also be reduced, allowing it to absorb more energy during braking recovery, in addition to being able to recharge more quickly.

In addition to Porsche’s major investment, several other firms – including OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared Ventures, Moore Strategic Ventures, etc. – have pumped money into Group14 Technologies totaling US$400 million.

“Group14 is committed to improving the performance of today’s lithium-ion batteries and tomorrow’s solid-state batteries to accelerate the global energy transition…With the support of a diverse consortium of investors, Group14 is focused on delivering the next generation of silicon battery technology to support visionary OEMs like Porsche,” said Rick Luebbe, co-founder and CEO of Group14.

It is reassuring to see these consortia forming in the automotive industry, with electric propulsion still in its infancy. With new technologies, the automobile of the future can only get better.

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