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Oman’s sovereign wealth fund invests in US-based silicon battery tech firm
Oman Investment Authority’s investment is part of a drive to explore new prospects
The growing importance of market-ready, transformational battery technology to power the electrification of everything has given rise to a wave of interest from strategic, financial, and impact investors in silicon battery technology commercial manufacturers.
The Oman Investment Authority (OIA), the Sultanate’s integrated sovereign wealth fund, has joined a group of foreign investors in raising $214 million in new funding for Group14 Technologies, a US-based firm that develops lithium-silicon battery materials to replace standard lithium-ion batteries.
Group 14 has also attracted numerous key investors in the battery materials industry, including Porsche and SK Materials. The firm reported that the company has also secured a total of $614 million in its Series C investment round with the latest funding infusions.
According to the company statement, the consortium behind the recent additional funding included Microsoft’s Climate Innovation Fund, Lightrock Climate Impact Fund, Moore Strategic Ventures, and Molicel.
OIA initially revealed its investment in Group14 Technologies in its quarterly newsletter issued in October. At the time, the wealth fund stated that its investment was part of a drive to explore new prospects while working with global investors and bringing investment to Oman.
The company said that OIA plans to incorporate Oman into the firm’s worldwide supply chain through its investment in Group14 Technologies.
Earlier this year, Oman’s sovereign wealth fund, which is focused on alternative energy technology, revealed its interest in investing in the United Kingdom’s technology sector.