Israeli battery tech firm Addionics, announced last week that it has raised $27 million in funding to “scale up its efforts” to redesign battery architecture with the company’s Smart 3D Electrodes, which improves the cost and performance of batteries for the electric vehicle market and other industries.
The funding round was led by deep tech investment firm, Deep Insight, Catalyst Fund, Delek Motors, and Dr. Boaz Schwartz. Additional investments came from Novelis, Magna International, JX Nippon Mining & Metals, Union Tech Ventures, 8090 Partners, GiTV, Talcar Corporation, Bridges Israel impact investment fund, Doral Energy Tech Ventures (Doral Energy CVC), and Dr. David Deak. Existing investors like NextGear Ventures and Vasuki Global Tech Fund also participated in this round.
Addionics said it aims to use the new funding to further develop its technology capabilities and applications with the goal of achieving commercialization no later than 2024.
Founded in 2017, Addionics focuses on rethinking and transforming batteries used in electric vehicles using Smart 3D Electrodes while maintaining a scalable and cost-effective manufacturing process. By replacing the battery’s conventional 2D electrode layered structure with an integrated 3D structure, Addionics has been able to produce batteries that yield higher energy, density, and power, improved safety, and longer lifetimes while avoiding spikes in cost.
Addionics plans to integrate its proprietary technology into a variety of applications while maintaining an initial focus on electric vehicles in collaboration with some of the largest automakers and suppliers in the world. Other applications for Addionics’ technology include consumer electronics, stationary energy storage, aviation, and medical devices.
“With the backing of our esteemed investors and strategic partners, Addionics is forging a clear path to market disruption and is well-positioned to deliver higher performing, lower-cost batteries at scale,” said Dr. Moshiel Biton, CEO and co-founder. “We look forward to accelerating our product development and laying the necessary groundwork for commercialization as we remain committed to our mission of revolutionizing the battery industry by building the best battery cell architecture in the market.”