Led by GM Ventures, Addionics Raises $39 Million Series B to Drive Cost-Efficient EV Battery Innovation.
Addionics, a global leader in battery technology, announced its Series B funding round of $39 Million. The round was co-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 the company’s manufacturing capabilities and advance global business engagements. 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 US-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.
Moshiel Biton, CEO and Co-Founder of Addionics, said:
Working with true partners who understand the urgency of what Addionics has set out to accomplish is a privilege.
“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.
Anirvan Coomer, Managing Director, GM Ventures, said:
GM’s investment supports our broader mission of identifying, investing in, and developing the right technology that will enable our all-electric future.
“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.”
Dr. Eyal Kishon of Deep Insight, said:
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.
“Their 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.”
Jessica Persson, Head of VC and M&A at Scania, said:
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.
“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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Led by GM Ventures, Addionics Raises $39 Million Series B to Drive Cost-Efficient EV Battery Innovation. source
