The five binding offtake agreements represent over $300 million of contract value
WOODINVILLE, Wash., June 4, 2024 /PRNewswire/ — Group14 Technologies, Inc., the world’s largest global manufacturer and supplier of advanced silicon battery materials, announces the signing of five multi-year binding offtake agreements amounting to a minimum commitment of over $300 million with three leading electric vehicle (EV) and two consumer electronic (CE) cell manufacturers across Europe, Asia, and North America. These strategic supply agreements continue to demonstrate Group14’s progress in driving the global adoption of next-generation silicon battery technology.
The agreements will allow Group14’s customers to deliver the highest performance batteries in production today to a diverse array of industries, including automotive, CE, electric vertical take-off and landing (eVTOL), and other markets. This reflects the broad applicability and high demand for Group14’s breakthrough silicon-carbon anode material, SCC55®. This material is engineered to deliver superior energy density, faster charging times, and greater overall efficiency compared to traditional graphite and silicon oxide-containing anodes and reduces the carbon footprint for its customers.
“The pace at which our customers are signing up for SCC55® deliveries confirms that since the introduction of silicon batteries, we are at the tipping point for the transition to the electrification of everything,” said Group14 CEO and Co-Founder Rick Luebbe. “We are witnessing a surge in demand from the EV battery market due to the transformational performance improvement that can be delivered with silicon batteries powered by Group14.”
Group14’s full customer base has forecasted demand for SCC55® that is more than four times the company’s projected production capacity by 2027. As a result, Group14 is rapidly scaling its global manufacturing capabilities worldwide. The company’s advanced Battery Active Materials (BAM-1) factory has been manufacturing at the ton-scale since 2021. It has delivered shipments of SCC55® to more than 100 customers representing 95% of worldwide lithium-ion battery production. A second factory in Moses Lake, Washington, is planned to start production in 2024 and is expected to be the world’s largest for advanced silicon battery materials with an initial annual capacity of 4,000 tons of SCC55® or 20 GWh of silicon battery material. The first manufacturing module from Group14’s joint venture with SK, Inc. in South Korea is in the final stages of commissioning. It will have a nameplate manufacturing capacity of 2,000 tons of SCC55®, equivalent to 10 GWh of silicon battery capacity annually. With 30 GWh of production capacity ramping up in the next year, Group14 will be the world’s first EV-scale mass producer of advanced silicon materials.
About Group14 Technologies
Founded to enable the electrification of everything, Group14 is the world’s leading commercial manufacturer and supplier of silicon battery technology. Today, Group14 is working with more than 100 customers globally, which represent 95% of worldwide lithium-ion battery production. Group14 operates a commercial-scale Battery Active Materials factory, BAM-1, in Woodinville, WA, and recently launched a joint venture factory with SK in South Korea. A second U.S. factory, BAM-2, in Moses Lake, WA, is expected to be completed in 2024. To date, Group14 has raised over $650 million in financing from investors and customers such as Porsche AG, Microsoft Climate Innovation Fund, OMERS, Lightrock Climate Impact Fund, Decarbonization Partners, Amperex Technology Limited (ATL), BASF, Resonac and SK Inc. Visit us at www.group14.technology.
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SOURCE Group14 Technologies
