Milbank LLP advised SK materials Inc. as lead investor in Group14 Technologies’ $463 million Series D funding round and on the concurrent sale of SK materials’ 75% interest in its joint venture with Group14 Technologies – the Sangju, South Korea battery active materials (BAM) factory – resulting in Group14 acquiring 100% ownership of the BAM factory.
Group14 Technologies, a developer of advanced silicon-carbon composite anode materials for lithium-ion batteries, completed the Series D with participation from lead investor SK materials Inc., alongside Porsche Investments, ATL, OMERS, Decarbonization Partners, Lightrock Climate Impact Fund, Microsoft Climate Innovation Fund and other investors.
Proceeds from the Series D will support Group14’s continued expansion and scaling of silicon-carbon anode material production in the U.S. and South Korea. Group14’s technology increases energy density and reduces charging times relative to traditional lithium-ion batteries.
The Sangju BAM facility produces Group14’s flagship SCC55® silicon-carbon anode material used in electric vehicles and energy storage applications.
“We are pleased to have advised SK materials on this complex dual transaction, which underscores SK materials’ disciplined approach to portfolio optimization,” said David Cho, Milbank Global Corporate partner. “This strategic step positions SK materials to continue its support of Group14.”
The Milbank deal team was led by partner David Cho and included special counsel Min Kim and associate Susan Yoon. The team also included Antitrust partners Dr. Alexander Rinne and Andrea Hamilton, Adam Di Vincenzo, Grant Bermann, special counsel Alexis Brown-Reilly, and associate Mariella Montplaisir Bazan.
