Group14 Technologies closed an approximately $169 million Series D equity extension and committed to a factory in Spain, the company announced October 29. The expansion comes as its delayed Moses Lake, Washington, plant now targets mid-2027 for its first production module, CEO Rick Luebbe told GeekWire.
The new investor was not named. Group14 chose Sagunto, near Valencia, for a plant initially sized to supply material for 10 gigawatt-hours of batteries. GeekWire reported a mid-2029 production target.
Group14 supplies battery makers with SCC55, a silicon-carbon material that can replace or be mixed with graphite in lithium-ion battery anodes. The company says manufacturers can use it on existing production lines without retooling. GeekWire reported that most shipments serve consumer electronics, where approval of new materials takes less time than in the auto industry.
The financing extends a $463 million Series D announced in August 2025, led by SK with investors including Porsche and Microsoft's climate fund. Alongside that round, Group14 took full control of its Korean manufacturing joint venture with SK.
The Spanish site would add to a factory already operating in South Korea and two planned Moses Lake modules. Group14 puts their combined future capacity at material for 40 gigawatt-hours of batteries.
Moses Lake's original late-2024 production target has slipped repeatedly. Luebbe attributed the latest timetable to lengthy equipment installation and commissioning in his GeekWire interview. He gave no definite start date for the second module.