Aug 20 (Reuters) - Group14 Technologies said on

Wednesday it had raised $463 million in its latest financing

round led by South Korean investment firm SK, as the

silicon-based battery material startup aims to scale up

production.

The startup said it also acquired the remaining 75% stake in

its joint venture with SK, gaining full ownership of

manufacturing operations for its silicon battery material in

South Korea.

The Woodinville, Washington-based company makes

silicon-carbon composite material or SCC55, which can replace

graphite anodes in lithium-ion batteries, enabling them to

charge more quickly and hold more energy.

Demand for electric vehicles and advanced technologies

has driven steady investor interest in the battery materials

sector, with multiple companies competing to attract funding.

Venture capital firms are also increasingly targeting

alternative battery materials companies, which have the

potential to reduce the cost and size of battery packs, similar

to the technology developed by Group14.

The company did not reveal the valuation for its latest

funding in its statement, but a source familiar with the matter

told Reuters it was higher than the startup's value of more than

$1 billion in a 2022 round.

The battery materials manufacturer had secured $614 million

in its extended series C round in 2022, and the latest series D

funding brings the total equity raised to more than $1 billion,

the company said.

The new round, series D, also saw participation from

existing investors such as Porsche Investments, ATL, OMERS,

Decarbonization Partners, Lightrock Climate Impact Fund and

Microsoft Climate Innovation Fund.

The battery active material (BAM) factory in South Korea

produces Group14's SCC55 at EV scale. The company now fully owns

three BAM factories, with the other two located in Washington.

"We're strengthening regional battery supply chains and

safeguarding our customers from global trade uncertainty," CEO

Rick Luebbe said.