The funding will support operational growth and global business expansion for Addionics 3D Current Collector solution
LONDON, July 25, 2024 /PRNewswire/ — 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.
“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.”
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,” 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.”
“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 Dr. Eyal Kishon of Deep Insight. “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.”
“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.”
For more information about Addionics and their innovative battery technology, please visit www.addionics.com
About Addionics:
Addionics is a leading manufacturer of 3D Current Collectors™ powering the next generation of batteries. 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 revolutionizing the internal physical structure of the battery, Addionics 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 UK, Israel, the US, and Germany. Read more at www.addionics.com
Addionics Media Contact
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SOURCE Addionics