Adden Energy has secured $15 million in Series A funding, led by At One Ventures. The financing will facilitate the scaling of production for the company’s self-healing solid-state batteries, which aim to address challenges associated with electric vehicle (EV) adoption, including range, charge rate, battery lifespan, and safety. Adden Energy’s lithium-metal solid-state batteries are intended to enhance the competitiveness of EVs against internal combustion engines by 2028.
The investment round also saw participation from Primavera Capital Group, Rhapsody Venture Partners, and MassVentures. The company’s solid-state battery technology, originally developed at Harvard University, incorporates a self-healing separator designed to prevent lithium dendrite growth, which is a known cause of battery failure. This advancement is expected to facilitate faster charging while improving energy density and battery longevity.
The funding will be used to construct a pilot production facility at Adden Energy’s headquarters in Waltham, Massachusetts. Laurie Menoud, a Partner at At One Ventures, commented on the technology’s potential to lower the cost per kilowatt hour by 30%, which could contribute to making EVs more affordable.
Adden Energy’s development strategy aligns with federal and state initiatives aimed at enhancing American battery manufacturing capabilities, with support from the Inflation Reduction Act and the Bipartisan Infrastructure Law. The company has received assistance from both the federal government and the State of Massachusetts. Economic Development Secretary Yvonne Hao noted the importance of Adden Energy’s efforts in advancing clean energy and supporting Massachusetts’ position in climate technology innovation.
By focusing on improvements in battery performance, affordability, and safety, Adden Energy aims to make a notable contribution to the EV industry. The company seeks to achieve parity with internal combustion engines in the near future, with the goal of advancing the transition to sustainable transportation.
