Dive Brief:
- General Motor Co.’s venture capital arm was one of the lead investors in the $39 million Series B funding round of battery technology startup Addionics, according to a July 25 press release.
- The company manufactures 3D current collectors, which it says enables “significant battery manufacturing and performance benefits” as a low-cost, drop-in solution for existing production facilities.
- "Addionics' current collector design shows promise in enabling improved battery performance at a lower cost,” said Anirvan Coomer, managing director of GM Ventures, in the release. “We are eager to support the company's growth and look forward to continuing to explore opportunities to collaborate in the future."
Dive Insight:
The capital will also be used for the construction of Addionics’ first U.S. factory, which is expected to begin production in 2027. The company plans to invest $400 million to expand manufacturing operations in the country as it tries to lower electric vehicle battery costs.
Addionics, with operations in the U.S., U.K., Israel and Germany, works with the majority of the 10 largest OEMs and battery manufacturers, according to the release.
"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, in the release. "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."
In addition to GM Ventures, the financing round was led by Deep Insight, an Israel-based VC fund. Scania, a commercial vehicle manufacturer in Sweden, also participated, with other new and returning strategic investors, the release said.
