SK Materials invests $17 million in US-based battery tech developer

SK Materials has invested $17 million in Group14 Technologies, a US-based startup developing advanced materials that can enhance the energy density of lithium-ion batteries by 50 percent.

The investments will allow Group14 Technologies to ramp up its pilot production facility and help with next year's groundbreaking of a large-scale plant in Washington next year.

SK Materials made the investments together with US-based venture capital firm OVP Venture Partners.

According to SK Materials CEO Lee Young-wook, Group14‘s innovative battery material chemistry called SCC55 maximizes high-quality production. SCC55 can replace conventional graphite materials inside anodes-- one of the four key materials inside lithium-ion batteries.

Group14 Technologies claims that SCC55 can increase a battery’s energy density by 50 percent. The manufacturing process is also much simpler.

Currently, Korean battery makers use graphite mixed with 5 percent silicon for anodes.