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Israel-based battery technology company Addionics has announced a Series B funding round of $39 million, co-led by General Motors Co's (NYSE:GM) venture capital arm, GM Ventures and Deep Insight.
The investment, which also saw participation from Scania, will be used to enhance Addionics' manufacturing capabilities and global business engagements.
The funding will enable Addionics to expand teams worldwide and advance its manufacturing and commercialization efforts, including the construction of a U.S. based giga-factory for producing Addionics 3D Current Collectors.
These 3D Current Collectors offer benefits, including better heat dissipation, faster charging, increased power, and improved stability, leading to superior battery performance at lower costs.
The collectors/electrodes, which resemble sheer silk scarves, use 60% less copper, charge faster, and increase EV range by 30%, potentially saving automakers up to $7.50 per kilowatt hour, reported Reuters.
The Addionics drop-in solution allows smooth integration of the 3D Current Collectors into existing manufacturing processes, facilitating cost-effective production and rapid deployment.
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The financing will also support the development of future manufacturing facilities and accelerate the commercial distribution of Addionics' 3D Current Collector solution.
The initiative aims to meet the increasing demand for advanced battery technology from leading automotive OEMs and battery manufacturers.
"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," said Managing Director, GM Ventures.
Earlier this year, Addionics announced plans to build a $400 million factory in the U.S. by 2027 to produce copper anodes for EV batteries, aiming to supply enough for about 1 million EVs annually.
CEO Moshiel Biton mentioned that the company will start delivering battery cells to automakers for testing in late 2024, with full-scale production expected by 2027 or 2028.
Price Action: GM shares are trading lower by 4.99% at $44.17 at the last check on Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: buffaloboy on Shutterstock
Posted In: GM
