Porsche Is Investing Heavily On Electric Vehicle Batteries
Porsche Is Investing Heavily On Electric Vehicle Batteries
May 5, 2022 / By Zunair Tahir / Automotive News
Porsche intends to expand its electric vehicle (EV) manufacturing with more efficient batteries. Group 14 Technologies, a US-based firm known for its revolutionary contributions to lithium-silicon battery technology, has received $100 million in a series C fundraising round from the German automotive giant. Group 14 is actively working on worldwide plans to manufacture anode materials for lithium-ion batteries.
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The business plans to use the funding to develop high-quality, commercially accessible battery cells. These cells are thought to have uses in small-scale manufacturing, motorsports, and high-performance cars.
The anodes, according to Group 14, can store 50% more energy than traditional electric car batteries. A joint venture is anticipated to begin mass manufacturing in 2024. Porsche isn’t the only company that has invested in Group 14, with a total of $400 million invested in the battery producer.
For a long time, the electric vehicle industry has relied primarily on Li-ion batteries. Despite having a well-established supply-and-demand relationship, Li-ion is under danger from more efficient alternatives. Carmakers have been digging for new ideas in a quest to reduce production costs and make electric vehicles more accessible and lucrative.
For firms like Porsche, who want a piece of the newly formed market, luxury EV racing has been a ferocious battleground.
Porsche will be able to tap into the untapped potential of new technology thanks to the $100 million investment. Porsche has previously released the Taycan, a completely electric vehicle that has become one of the most popular premium electric vehicles on the market.
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