GM and Scania Invest $39 Million in Addionics Advanced Battery Technology

Israeli battery technology company Addionics, known for its 3D copper foils for electric vehicle batteries, has raised $39 million in a Series B funding round. The round was led by General Motors’ venture capital subsidiary, GM Ventures, and Israeli investor Deep Insight, with participation from Scania and other strategic investors.

Addionics plans to use the funds to enhance its manufacturing capabilities and expand global business operations, including the construction of a U.S.-based gigafactory for the production of its 3D Current Collectors. These unique copper foils replace traditional 2D layered electrode structures with a 3D structure, offering superior energy density, higher performance, faster charging times, and longer service life 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 aims to start supplying battery cells to car manufacturers for testing by the end of 2024, with large-scale production expected by 2027 or 2028. The new gigafactory in the U.S. is projected to produce material for one million electric vehicles annually from 2027.

The company is engaged in discussions with major car manufacturers in Europe, Japan, and the United States. “Legacy automakers are losing money building EVs. Any technology that allows them to reduce cost and improve performance, that’s the holy grail,” Biton told Reuters.

Anirvan Coomer, Managing Director of GM Ventures, commented on the investment, stating, “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.”

Jessica Persson, Head of VC and M&A at Scania, added, “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. 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.”