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Porsche invests $100 million in battery technology, calling cells the combustion chamber of the future

On Wednesday, Porsche announced a $100 million investment in Washington State-based battery maker Group 14 Technologies. The automaker aims to use investments like these to become a leader in battery technology.

Porsche is leading a Series C funding round by Group 14 Technologies, in which multiple companies are investing a total of $400 million, the automaker said in a press release.

Headquartered in Woodinville, Washington, Group 14 Technologies has developed a silicon anode for lithium-ion battery cells, which offers greater energy density than conventional lithium-ion chemistry, Porsche claims. That means more energy can be stored in a given volume, increasing the EV range without increasing the size of the battery pack.

Photo of Cellforce battery factory backed by Porsche

Photo of Cellforce battery factory backed by Porsche

Group 14 Technologies intends to use capital from an ongoing funding round to scale up production of its silicon anode materials, including opening a new factory in the US. to produce batteries for Porsche electric vehicles in Tübingen, Germany, starting in 2024.

Lutz Meschke, Porsche Executive Vice President, said in a statement: “The battery cell is the combustion chamber of the future. “Our goal is to be the leader in the global competition for the most powerful battery cell.”

Just as the engines in its current sports cars are the key differentiator, Porsche is aiming for development of high-performance battery cells internally to maintain control of the technology. Porsche estimates that by 2030, more than 80% of its sales will be electric. The rest will be made by 911, will be Porsche The ultimate depot for internal combustion engines.

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