Global manufacturer of advanced silicon battery technology Group14 Technologies said it has raised $214 million in additional financing and completed its $614 million series C funding round.

The additional financing follows the company’s $400 million Series C funding announced in May 2022.

A consortium of Microsoft’s Climate Innovation Fund, Lightrock’s Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel provided the finance.

Brandon Middaugh, Director of Microsoft’s Climate Innovation Fund said, “Group14’s technology shows strong potential to accelerate decarbonization of transportation, electronics, energy storage, and beyond.”

The funding is supplemented by a $100 million grant award by the U.S. government’s Department of Energy (DOE).

The grant was announced in October 2022 to fund the buildout of Group14’s Battery Active Materials (BAM-2) factory in Moses Lake, Washington

“It comes down to shortening the path to market for OEMs so we can meet EV demand today,” said Rick Luebbe, CEO & Co-Founder of Group14.

The company said its series C round represents one of the top 10 largest financings in the climate tech sector for the year 2022, according to Pitchbook.

Market-ready and transformational battery technology to power electrification is increasingly coming into demand. It has elicited interest from strategic, financial, and impact investors in commercial manufacturers of silicon battery technology.

Group14 is building BAM factories globally to address the rapidly growing demand from global battery manufacturers and automotive original equipment manufacturers (OEMs).

The company said these facilities could produce commercial-scale quantities of advanced silicon battery technology that delivers better performance than traditional lithium-ion batteries.

Group14 currently operates a commercial-scale battery active materials (BAM) factory in Woodinville, Washington, with two additional forthcoming factories — a joint venture factory with SK, Inc. in South Korea and a second U.S. factory.

According to Mercom’s 9M and Q3 2022 Funding and M&A report for storage, grid & efficiency, VC funding in storage in 9M 2022 fell by over 44%, with $4 billion in 73 deals compared to $7.2 billion in 60 deals in 9M 2021.