Addionics Secures $39 Million in Series B Funding to Propel EV Battery Breakthroughs

Addionics, a trailblazer in battery technology, has successfully closed its Series B funding round with an impressive $39 million raised. This latest funding round, spearheaded by GM Ventures and Deep Insight, also saw substantial contributions from Scania and new and returning strategic investors. The influx of capital will amplify the company's manufacturing prowess and propel its global business strategies. With this investment, Addionics will significantly enhance its international team, ramp up manufacturing capabilities, and expedite the development of its ambitious US-based giga-factory dedicated to the production of Addionics' cutting-edge 3D Current Collectors.

As a front-runner in manufacturing 3D Current Collectors, Addionics delivers substantial advancements in battery manufacturing and performance. These collectors ensure superior heat dissipation across the electrodes, producing faster batteries and providing greater power and enhanced stability. This not only translates into superior battery performance but also reduces costs. Additionally, Addionics' drop-in solution allows manufacturers to integrate the 3D Current Collectors effortlessly, fostering cost-effective production and swift deployment.

"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."

The recent funding will pave the way for establishing future manufacturing hubs dedicated to the Addionics 3D Current Collector solution. It will also accelerate commercial distribution with critical partners and reinforce R&D initiatives to develop top-tier EV battery technology. With collaborations spanning the majority of the world's top 10 automotive OEMs and battery manufacturers, this funding will be pivotal in addressing the rising demand for Addionics' revolutionary 3D Current Collectors.

"GM's investment supports our broader mission of identifying, investing in, and developing the right technology that will enable our all-electric future," said Anirvan Coomer, Managing Director, GM Ventures.

"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."

"We are proud to co-lead this funding round and continue our support of Addionics in their journey to bring to market their groundbreaking battery technology," said Dr. Eyal Kishon of Deep Insight. "Their unique 3D Current Collector solution promises significant improvements to make better, more powerful batteries, aligning with our vision of investing in disruptive technologies to drive worldwide progress."

"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," said Jessica Persson, Head of VC and M&A at Scania. 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."

About Addionics:

Addionics stands at the forefront of battery technology with its innovative 3D Current Collectors™. Their low-cost, drop-in solution integrates seamlessly into existing production lines, enabling battery manufacturers and automotive companies to scale production while slashing manufacturing costs. By transforming the internal structure of batteries, Addionics' technology markedly enhances performance across any battery chemistry. Positioned for commercial-scale impact, Addionics partners with leading OEMs and automakers throughout North America and Europe.