Porsche, a popular German-based automobile manufacturer, has decided to invest USD 100 Million in Group14 Technologies to give a greater push towards its electric vehicle mobility endeavors. It is leading in a Series C funding round where several prominent companies have pledged to invest a total of USD 400 Million.

This major decision has been taken just a few weeks after Porsche shared its future plans about electric vehicles. Recently, the company said in a statement that more than 80% of its global sales by 2030 will come from the sales of electric vehicles alone.

Group14 is a known name in the industry that offers a unique silicon-carbon powder to produce more robust and powerful EV batteries. The company plans to make silicon-based anodes because they can store more energy than currently available batteries. The company claims that its SCC55 material can store 50% more energy than the traditional graphite anodes. Moreover, it makes batteries more stable. These powerful facets are attracting investors towards Group14 and boosting the pace of innovation for electric vehicles.

For the German automotive giant, the prospect of clubbing smaller and powerful EV batteries with high-performance cars looks promising. Further, it will accelerate the production of anode material required for lithium-ion batteries to pave the way for advanced electric mobility all over the world.

Source: techcrunch.com | autonews.com