GM and Scania invest in battery startup Addionics
The Series B financing round is jointly led by General Motors’ venture capital subsidiary GM Ventures and Israeli investor Deep Insight, with participation from Scania and new and existing strategic investors. Addionics says it will use the funds to “bolster the company’s manufacturing capabilities and advance global business engagements.” That includes “advancing the construction of its planned US-based giga-factory for the production of Addionics 3D Current Collectors.”
The latter are unique copper foils for battery anodes, replacing the traditional 2D layered electrode structures with a 3D structure. The Israeli company says these foils offer superior energy density, higher performance, faster charging times and a longer service life compared to conventional batteries and that it can create all of these results at a lower cost.
“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.”
Addionics wants to start supplying battery cells to car manufacturers for testing purposes by the end of 2024 and is on track to deliver the product on a large scale by 2027 or 2028. The new gigafactory in the US alone is expected to produce material for one million electric cars per year from 2027.
Biton told the Reuters news agency that the company is working with or is in talks with virtually all major car manufacturers in Europe, Japan and the United States. “Legacy automakers are losing money building EVs,” Biton said. “Any technology that allows them to reduce cost and improve performance, that’s the holy grail.”
Commenting on the investment in Addionics, Anirvan Coomer, Managing Director of 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.”
“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.”
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