Addionics Receives $39 Million Investment Led by GM

Addionics, a developer of battery technologies, raised $39 million in a Series B round led by General Motors (GM) and Deep Insight. Scania and Traton, a Swedish truck manufacturer owned by Volkswagen, also participated in the round.

Addionics 

Founded in 2017, Addionics develops 3D current collectors made of copper and aluminum electrode materials for use in electric vehicle batteries. The company states that its materials provide faster charging and save costs for automakers. Current collectors developed using fewer materials, including 60% less copper, save electric vehicle manufacturers up to $7.50 per kilowatt-hour.

Addionics claims to be working or in talks to work with almost every major automaker in Europe, Japan and the US. General Motors and Scania, which led the investment, are among the potential customers of the startup's alternative battery solutions. Addionics, which earlier this year announced plans to build a $400 million factory in the US, will start shipping current collectors to automakers for testing towards the end of the year. The company aims to deliver the product on a large scale by 2027 or 2028 and produce enough material to meet the needs of about 1 million electric vehicles per year from 2027 onwards.

It is a privilege to work with true partners who understand the urgency of what Addionics aims to achieve. As the global demand for higher performance batteries grows, so does the demand for our product. The new investment will enable us to start commercial production by the end of the year, bringing our technology to battery manufacturers and improving battery performance globally.

Moshiel Biton, CEO and Co-Founder of Addionics

GM's investment supports our broader mission to identify, invest in and develop the right technology to enable our all-electric future. Addionics' current collector design shows promise in delivering improved battery performance at lower cost. We are eager to support the company's growth and look forward to continuing to explore future collaboration opportunities.

Anirvan Coomer, Managing Director of GM Ventures

We are proud to co-lead this financing round and continue our support of Addionics in their journey to bring their breakthrough battery technologies to market. Their unique 3D Current Collector solution promises significant improvements to produce better, more powerful batteries, in line with our vision to invest in breakthrough technologies to drive progress worldwide.

Dr. Eyal Kishon from Deep Insight