Paul Lienert

(Reuters) – Group14 is an electric vehicle startup that raised $400 million in funding from a group of investors, including Porsche. The firm announced Wednesday.

Group14 is now valued at more than one billion dollars. Part of this money will go to building a second battery material factory in Woodinville near Seattle. Chief Executive Officer Rick Luebbe stated in an interview.

Luebbe described Silicon-carbon Anode Material as “Transformational Technology” and said it will make EV batteries charge faster and retain more energy than graphite.

EVs that use lithium-ion battery packs today rely on anodes made from graphite. There are also smaller amounts from Canada and Japan.

Group14’s silicon carbon anode material allows lithium-ion battery to hold up to half the energy. Luebbe stated that they could provide the same range of current graphite-based ones, but with fewer cell, thereby reducing overall costs and the size of the pack.

Luebbe stated that Group14 would supply batteries to Porsche affiliate Cellforce. InoBat, another European manufacturer of batteries is also a supplier. Luebbe refused to name the manufacturer, although the first EV batteries that will use Group14 anode materials will be in production by 2023.

Group14 had many investors before it, such as ATL, BASF and Showa Denko. Group14 has a joint venture formed by the Korea’s SK Group to manufacture anode materials.

Luebbe indicated that Group14 anode material was tested by Farasis as well as battery manufacturers Storedot. According to Luebbe, the Storedot-equipped battery with Group14’s anode material, silcon-carbide, could be charged to 80 percent in 10 minutes. He also stated that it can fast charge in as short as five minutes.