Oman Investment Authority invests in US-based Group14 Technologies
Oman's Sovereign Wealth Fund, Oman Investment Authority, is part of the foreign investors in the $214 million funding round of Group14 Technologies.
Oman Investment Authority (OIA), the Sultanate of Oman's sovereign wealth fund, has joined a group of foreign investors to invest $214 million in Group14 Technologies, a battery materials manufacturing company based in the US. Group14 develops lithium-silicon battery materials and aims to replace the standard lithium-ion batteries.
According to a Fast Company report, Group14 has stated that it had secured a total of $614 million in its Series C investment round with the latest funding infusions. Some of the key investors in Group14 Technologies include SK Materials and Porsche.
The report states that OIA intends to incorporate Oman into the firm’s worldwide supply chain through its investment in Group14 Technologies. The firm also added that the consortium behind the recent additional funding included Lightrock Climate Impact Fund, Moore Strategic Ventures, Microsoft's Climate Innovation Fund, and Molicel.
The wealth fund had announced its investment in an internal newsletter in October this year. The fund stated that the investment was an initiative to look at new prospects and also work with global investors to bring in investment into Oman.
The sovereign wealth fund had also earlier announced its focus on alternative energy technology and that it is interested in investing in the UK's technology sector.
Edited by Megha Reddy
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