Muscat – Oman Investment Authority (OIA) on Wednesday announced that it has successfully invested in Group14 Technologies, a US-based leading manufacturer of battery materials.

This investment is part of OIA’s strategy of seeking opportunities in new fields while partnering with global investors and attracting investment to Oman, OIA said in a press statement.

Group14 specialises 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.

In recently-issued 5th edition of its quarterly newsletter Enjaz & Ejaz, OIA stated that the technology used by Group14 lowers costs and elevates performance of batteries.

Group14 has built a strong customer pipeline with contracted revenue, including engagements with 90 per cent of the world’s battery manufacturers.

Through this investment in Group14, OIA intends to integrate Oman with the company’s supply chain.

H E Abdullah al-Murshidi, president of OIA, said that OIA is getting ready to announce the launch of several national projects by OIA companies corresponding with the celebration of Oman’s 52^nd National Day. He called on employees to start planning their individual and institutional goals for the upcoming year 2023.

Group14 currently operates a commercial-scale Battery Active Materials factory in Washington state in 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).