Addionics Secures $39 Million for Advancing EV Battery 3D Materials

London-based Addionics has successfully raised $39 million in its latest funding round to accelerate the development and production of 3D materials for electric vehicle (EV) battery cells. The Series B funding was co-led by GM Ventures and Deep Insight, with participation from Scania, as well as both new and existing strategic investors. This significant investment follows a previous round in 2022 that raised $27 million.

The newly secured funds will be utilized to expand teams globally and facilitate the construction of a planned gigafactory in the United States dedicated to producing 3D Current Collectors. Addionics has established partnerships with major automotive original equipment manufacturers (OEMs) and battery manufacturers, including GM and Scania, positioning the company at the forefront of innovation in the EV battery sector.

One of the key innovations driving Addionics' success is its 3D Current Collectors, available in copper and aluminum variants, which seamlessly integrate into existing cell designs. These collectors enhance heat dissipation within the electrodes, resulting in faster charging times, increased power output, and improved overall stability. The end result is the creation of high-performance batteries at a reduced cost, making EV technology more accessible and efficient.

CEO and Co-Founder of Addionics, Moshiel Biton, expressed gratitude for the support received, stating, "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." Biton also highlighted the company's goal to commence commercial production by the end of the year, aiming to deliver their cutting-edge technology to battery manufacturers worldwide.

Reflecting on GM Ventures' investment in Addionics, Managing Director Anirvan Coomer emphasized the alignment of Addionics' current collector design with GM's vision for an all-electric future. Coomer stated, "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 explore future collaboration opportunities." With the backing of key industry players and investors, Addionics is poised to drive significant advancements in EV battery technology and contribute to a sustainable future.