Porsche is putting its hopes up and betting as much as $400 million on a developer called Group14 for its lithium-silicon EV battery venture that it is developing now. The famous German car manufacturer invested in Group14's development of the new power cell, bringing a different take on battery development for the future.
Porsche Bets on Group14 with $400M Investment on EV Batteries
Porsche announced that it is going on a new venture with battery development, but the German company is not manufacturing these power cells, but it bets on a big project for its creation. A company called Group14 is looking at a new battery technology that would forego the traditional Lithium-Ion power cell for its future ventures.
The German car manufacturer announced that it is allocating $400 million to this project, and it is putting a sizeable investment in this venture by the partner company. Porsche acquired stakes for the future of battery development, and it is up to Group14's engineering to deliver the power cells on their end, saying that it will be the future.
#Porsche is forging ahead with its drive to develop and manufacture high-performance battery cells by acquiring shares in the US company @Group14Tech, a producer of advanced silicon-carbon technology for lithium-ion batteries. More: https://t.co/LGGqdVpOwb pic.twitter.com/Bljuhv1IG7
— Porsche Newsroom (@PorscheNewsroom) May 4, 2022
Group14's Lithium-Silicon EV Battery Development
Group14's project is to develop a new power cell with the Lithium-Silicon components for its EV batteries, and it is something that Porsche took an interest in from the recent developments. The batteries are still under development, and the companies are producing them for its soon release, with Porsche being one of the recipients.
The investment puts Porsche at an advantageous standpoint where it can improve its EVs with a new power source that aims to bring more power and range to its existing and future lineup.
EV Batteries from Manufacturers
Batteries come in all shapes and sizes, but not all are for electric vehicles and are capable of powering the electric car to bring range and power to its motors and other needs. There are many that are looking into developing other electric vehicle batteries apart from the traditional Lithium-Ion (Li-On), especially as it is one challenging component to source.
Startups and other engineering entities look into different forms of EV batteries, with one unique take focusing on a Lithium-Sulfur base for its power cells.
Other power cells that move away from Li-On claim that their power cells can last longer and hold more capacity than the traditional batteries.
Another venture focuses on a "battery-free" technology that would help in no longer needing the power cell with the "BFree" initiative.
Electricity powers many needs in the modern era, and these power cells are portable sources of energy in contemporary times, helpful for the take on electric cars that run on clean energy. Porsche is only one of Group14's benefactors, and it both looks at the same goal of developing a new sustainable power cell.
This article is owned by Tech Times
Written by Isaiah Richard
