Electric vehicle battery startup Group14 raised $400 million from a group of investors led by German automaker Porsche on Wednesday.
Part of that money, which has increased Group14’s valuation to more than a billion dollars, will be invested in building a new battery materials factory in eastern Washington state, according to Chief Executive Officer Rick Luebbe.
The current plant is at Woodinville, outside Seattle, close to the upcoming plant.
Group14 is going to supply battery materials to Cellforce, a Porsche affiliate It also has an existing supply deal with InoBat.
The first EV batteries that will use Group14’s anode material will go into production by 2023.