Oman Investment Authority (OIA), the sovereign wealth fund in Oman, has invested in Group14 Technologies, a US-based leading manufacturer of battery materials.
OIA said in a statement that “this investment is part of its strategy of seeking opportunities in new fields while partnering with global investors and attracting investment to Oman.”
Through this investment in Group14, OIA intends to integrate Oman with the company’s supply chain.
In the recently-issued 5th edition of its quarterly newsletter Enjaz & Ejaz, OIA stated that the technology used by Group14 lowers costs and elevates the performance of batteries.
Group14 specializes in manufacturing innovative lithium-silicon battery materials to replace traditional lithium-ion batteries. The company attracted several leading investors in the battery materials field, including Porsche, SK Materials, and several others.
The US company has built a strong customer pipeline with contracted revenue, including engagements with 90 percent of the world’s battery manufacturers.
According to the statement, “Group14 currently operates a commercial-scale Battery Active Materials factory in Washington state in the US with two forthcoming factories: one in South Korea as part of a joint venture with SK Group (coming online in 2022) and a second US factory (coming online in 2023).”
Mr. Abdulsalam Al Murshidi, Chairman of OIA, stated that the Authority is getting ready to announce the launch of several national projects by OIA companies in coincidence with the celebrations of Oman’s 52nd National Day.
Further, the OIA Chairman called on employees to start planning their individual and institutional goals for the upcoming year 2023.