Addionics raises $39m for EV battery 3D materials
Addionics in London and has raised $39m to boost its development and production of 3D materials for EV battery cells.
The Series B round for Addionics was co-led by GM Ventures and Deep Insight, with participation from Scania, along with new and returning strategic investors. This follows $27m raised in 2022.
The funds will be used to build up teams across the globe and the construction of its planned US gigafactory for the production of 3D Current Collectors. The company says it is working with the majority of the 10 biggest global automotive OEMs and battery manufacturers such as GM and Scania.
The 3D Current Collectors, in copper and aluminium, are a drop in for existing cell designs to provide improved heat dissipation throughout the electrodes for faster charging time, increased power, and improved stability. , resulting in better-performing batteries at a lower cost.
“Working with true partners who understand the urgency of what Addionics has set out to accomplish is a privilege,” said Moshiel Biton, CEO and Co-Founder of Addionics. “As the global demand for higher performing batteries grows, so too has the demand for our product. With the new funding, we will be able to begin commercial production by the end of the year, delivering our technology to battery manufacturers and enhancing battery performance globally.”
“GM’s investment supports our broader mission of identifying, investing in, and developing the right technology that will enable our all-electric future,” said Anirvan Coomer, Managing Director, GM Ventures. “Addionics’ current collector design shows promise in enabling improved battery performance at a lower cost. We are eager to support the company’s growth and look forward to continuing to explore opportunities to collaborate in the future.”
Addionics, Saint-Gobain Ceramics team on solid state battery tech
“We are proud to co-lead this funding round and continue our support of Addionics in their journey to bring to market their groundbreaking battery technology,” said
“The unique 3D Current Collector solution promises significant improvements to make better, more powerful batteries, aligning with our vision of investing in disruptive technologies to drive worldwide progress,” said Dr. Eyal Kishon of Deep Insight.
“Scania is dedicated to fostering advancements that contribute to a sustainable and efficient future. Addionics’ revolutionary approach to battery technology aligns with our mission to enhance the performance and sustainability of next-generation zero emission solutions,” said Jessica Persson, Head of VC and M&A at Scania. “We are proud of our investment in Addionics and look forward to the impact their technology will have on the future of batteries and electric vehicles.”
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