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What is a more formal name for the wedgey group?

The rule $(v_1,w_1)⋅(v_2,w_2)=(v_1+v_2,w_1+w_2+(v_1∧v_2))$ defines a group structure on the vector space $V⊕(V∧V)$ whenever $V$ is itself a vector space over some field $F$. What is a more common ...