Group14 Technologies Inc., based in Woodinville, located just east of Bothell, has successfully raised $14.4 million as part of an $18.1 million equity offering to advance its efforts to develop a better battery to help power the expanding electric-vehicle and energy-storage market.
The company, spun out in 2016 from Seattle materials manufacturing company EnerG2, is developing cost-effective, advanced silicon-carbon composite materials for use in lithium-ion batteries. At the time of Group14’s launch, it secured a $2.8 million grant from the U.S. Department of Energy to help advance development of the company’s battery technology.
“Group14 is poised to claim a significant share of the $1 billion lithium-ion anode material market,” said Rick Luebbe, chief executive officer of EnerG2 and co-founder of Group14 Technologies, at the time of Group14’s launch. “The goal is to help bring battery costs down while improving performance so that we can eventually see reasonably priced electric vehicles everywhere.”
The U.S. Securities and Exchange Commission Form D filing outlining the equity offering was filed today and indicates some $3.7 million in securities are still “remaining to be sold.” The filing does not list the names of the investors, other than indicating that a total of five investors “have invested in the offering.”