Battery materials startup Group14 announced Wednesday it has closed a $463 million funding round to expand its manufacturing footprint, a sign that investors remain confident in the future of electric vehicles.

The startup manufactures silicon anode materials, which significantly boost the storage capacity of lithium-ion batteries. Group14 currently operates three factories, two in the U.S. and one in South Korea.

Despite headlines about softening demand growth for electric vehicles, the global market for lithium-ion batteries remains strong. Over the next decade, its expected to grow more than 15% annually, quintupling in size, according to Precedence Research. And automakers and investors are still in pursuit of companies working on technology that will make EVs more efficient and

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