Porsche is investing $100 million in battery technology, calling it the combustion chamber of the future.
Porsche announced Wednesday that it will invest $100 million in Washington-based battery company Group 14 Technologies. Through these investments, Porsche aims to become a leader in battery technology.
Porsche is leading a Series C financing round for Group 14 Technologies, with several companies investing a total of $400 million, the automaker said in a press release.
Woodinville, Washington-based Group 14 Technologies has developed a silicon anode for lithium-ion battery cells. This means that more energy can be stored in a given volume, increasing the range of an EV without increasing the size of the battery pack. [The company will eventually supply the cells to Cellforce Group, a joint venture between Porsche and Customcells Holding, which plans to manufacture battery cells for Porsche EVs in Tübingen, Germany, starting in 2024. [Porsche Vice Chairman Lutz Meschke said in a statement, "The battery cell is the combustion chamber of the future. Our goal is to be the leading company in the global competition for the most powerful battery cells."
Just as the engines in today's sports cars are an important differentiator, Porsche aims to maintain its technology leadership by developing high-performance battery cells in-house. Porsche predicts that by 2030, more than 80% of its sales will be EVs. The remainder will be accounted for by the 911, which will be Porsche's last internal combustion engine vehicle.
