Oman Investment Authority backs US silicon battery tech firm

Oman Investment Authority backs US silicon battery tech firm

MUSCAT: Oman Investment Authority (OIA), the integrated sovereign wealth fund of the Sultanate of Oman, has joined a consortium of international investors in raising $214 million in additional financing for Group14 Technologies, a US-based global manufacturer and supplier of advanced silicon battery materials.

Washington-based Group14 Technologies is a pioneer in the manufacture of innovative lithium-silicon battery materials to replace traditional lithium-ion batteries – currently the mainstay of the global EV industry. Group14 has also attracted several leading investors in the battery materials field, including Porsche and SK Materials, among others.

With the latest funding injections, Group14 Technologies raised a total of $614 million in its Series C funding round, the company announced on Thursday.

Joining Muscat-based OIA in the consortium behind the latest additional financing were Microsoft’s Climate Innovation Fund, Lightrock Climate Impact Fund, Moore Strategic Ventures, and Molicel, it stated.

OIA first announced that it had invested in Group14 Technologies in its quarterly newsletter published in October this year.

The wealth fund noted at the time that its investment was part of a strategy to explore opportunities in new fields while partnering with global investors and attracting investment to Oman.

Through its investment in Group14 Technologies, OIA intends to integrate Oman with the company’s global