Israel-headquartered EV battery technology developer Addionics has completed a $39-million Series B funding round co-led by GM Ventures and Deep Insight, an Israeli tech venture fund. Swedish vehicle and engine manufacturer Scania and other investors also participated in the round.
The funds will be used to expand R&D, manufacturing and commercialization efforts, including construction of the company’s planned US gigafactory for production of Addionics 3D Current Collectors. Made with aluminum foil, 3D Current Collectors’ architecture and porosity allow a higher loading of the active material, reduced weight and better heat dissipation throughout the electrodes. According to Addionics, batteries using its product achieve faster charging time, increased power and better stability at a lower cost.
“As the global demand for higher performing batteries grows, so too has the demand for our product,” said Moshiel Biton, CEO and co-founder of Addionics. “With the new funding, we will be able to begin commercial production by the end of the year.”
Source: Addionics
