Addionics in London, a leader in battery technology, has announced its Series B funding round of $39 million, which wasco-led by GM Ventures and Deep Insight, with participation from Scania, along with new and returning strategic investors.
The funds will be used to bolster Addionics’ manufacturing capabilities and advance global business engagements.
In addition, the investment will allow Addionics to build up teams across the globe, and expand its manufacturing and commercialization efforts, including advancing the construction of its planned U.S.-based giga-factory for the production of Addionics 3D Current Collectors.
Addionics is the leading manufacturer of 3D Current Collectors, which drive significant battery manufacturing and performance benefits. With better heat dissipation throughout the electrodes, batteries using Addionics provide faster charging time, increased power, and improved stability, resulting in better-performing batteries at a lower cost.
The added benefit of the Addionics drop-in solution allows manufacturers to seamlessly integrate the 3D Current Collectors allowing for cost-effective production and rapid deployment.
“Working with true partners who understand the urgency of what Addionics has set out to accomplish is a privilege,” says Moshiel Biton, co-founder and CEO 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.”
This new round of financing will lay the groundwork for future manufacturing facilities for the Addionics 3D Current Collector solution, help enable faster commercial distribution for leading partners, and solidify R&D efforts to build best-in-class EV battery technology.
Working with the majority of the 10 biggest global automotive OEMs and battery manufacturers, the funding will help meet the growing demand for Addionics 3D Current Collectors.
“GM’s investment supports our broader mission of identifying, investing in, and developing the right technology that will enable our all-electric future,” says Anirvan Coomer, managing director of 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’ low-cost drop-in solution seamlessly integrates into existing production facilities, allowing battery manufacturers and automakers to increase production capacity while reducing manufacturing costs.
By changing the internal physical structure of the battery, Addionics states its “3D Current Collectors significantly improve the performance of any battery regardless of its chemistry.” Designed for commercial scale, Addionics has partnerships with major OEMs and automakers across North America and Europe.
Founded in 2017, Addionics has sites in the U.S., U.K., Israel, and Germany. For more information, visit addionics.com.
