UT Austin's Discovery to Impact Program invests in Group1, a company developing advanced cathode materials that enable critical mineral-free, domestically sourced Potassium-ion batteries.
AUSTIN, Texas, Aug. 29, 2023 /PRNewswire/ -- Discovery to Impact at The University of Texas at Austin has invested $250,000 in Group1, a UT Austin-affiliated startup aiming to revolutionize the energy industry by developing Potassium-ion battery (KIB) technology. The investment will help Group1 increase its workforce, expand production capacity of their product potassium cathode material, Kristonite™, to pilot-scale, and forge business partnerships with Tier1 cell and automotive manufacturers that wish to establish a domestic, "lithium alternative" solution.
This is the fourth investment made by UT Austin's $10 million Seed Fund, which is managed by Discovery to Impact, the University's research commercialization team. The fund invests in the most promising new startups built on university-owned intellectual property emerging from UT Austin's $845 million research enterprise. It invested in Group1, an Austin-based technology company born out of the late 2019 Nobel laureate Professor John Goodenough's lab, because of its commitment to commercialization of ground-breaking research and belief that KIBs are a credible, sustainable, and cost-effective alternative to Lithium-ion batteries (LIBs).
"This investment in Group1 is a testament to the University's dedication to expanding research commercialization across campus and leveraging the immense and growing intellectual talent of UT Austin and its affiliates," said Christine Dixon Thiesing, Associate Vice President of Discovery to Impact. "We are a world class university located in the heart of Austin, Texas—a booming technology and innovation hub and a vibrant and dynamic city—at the forefront of the 21st century's emerging knowledge-based economy. We are excited about our partnership with Group1, and wish the Group1 team continued success."
Group1 will commercially produce KIBs, an energy storage solution free of critical minerals such as Lithium, Cobalt, Nickel, and Copper, while facilitating domestic manufacturing and further strengthening U.S. energy security. Its product, Kristonite™, a 4V cathode material — Potassium Prussian White (KPW) — enables KIBs that can deliver faster charging with enhanced safety and higher energy density when compared to Lithium Iron Phosphate (LFP)-based LIBs or Sodium-ion batteries (NIB), making them the future of the energy industry. To date, Group1 has raised $7.5 million to bring KIB technology to market and is currently in the early phases of engagement with leading supply-chain partners and several of the largest and most reputable cell manufacturers, domestic and globally.
"Group1 is pleased with UT Austin's investment into Group1. It will enable the commercialization of ground-breaking battery technology that reduces U.S. reliance on critical minerals that are chiefly sourced from conflict regions or countries suffering geopolitical unrest," said Alex Girau, CEO and Co-founder of Group1 and an Energy Transition Fellow at the Energy Institute. "We are proud to be based in the battery capital of the world, Austin, Texas, and to further strengthen our ties with world renowned institution such as UT Austin."
Group1 employs several UT Austin alumni and affiliates – including employees who worked at Professor John Goodenough's famed lab, where many of today's LIB innovations, such as LFP, were invented. Leigang Xue, Group1 Chief Product Officer and Co-Founder, invented the core KPW technology during his time at UT Austin as a Postdoctoral researcher in the Goodenough lab. In addition, he is also a Visiting Scholar at the Texas Material Institute. Group1 has further developed KIB core technology and has established a world leading IP position, which includes exclusive license from UT Austin.
"As an investor in Group1 and having been a member of the Board of Directors of the University of Texas/Texas A&M Investment Management Company (UTIMCO) for ten years, I believe deeply in this partnership's potential to transform the U.S battery supply-chain and help solve the looming Lithium shortage," said Kyle Bass, Founder and Chief Investment Officer of Hayman Capital. "UT has long been a world leader in developing battery technology and I am excited that Group1 will commercialize this technology in Texas."
For more information about Group1, visit www.group1.ai. For more information about Discovery to Impact, visit https://discoveries.utexas.edu/.
About Group1
Founded in 2021 and based in Austin, TX, Group1 is the world's first engineered materials company focusing on the rapid commercialization of Potassium-ion batteries. The company is revolutionizing the energy industry by enabling sustainable, efficient, and cost-effective energy storage -- expanding beyond the limitations of Lithium-ion batteries while building on the best of Lithium-ion technologies.
About Discovery at Impact and The UT Austin Seed Fund
Discovery to Impact at The University of Texas at Austin brings research discoveries to the marketplace to impact the world. Working with world-class inventors, investors, creators, and entrepreneurs, the Discovery to Impact team launches startups and collaborates with established businesses to accelerate new products, services, solutions, and cures. The $10 million UT Austin Seed Fund is managed by Discovery to Impact. The fund invests in the most promising new startups built on university-owned intellectual property emerging from UT Austin's $845 million research enterprise.
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