Addionics, a London, UK-based battery technology company, raised $39M in Series B funding.
The round was led by GM Ventures and Deep Insight, with participation from Scania, along with new and returning strategic investors.
The company intends to use the funds to build up teams across the globe, and expand its manufacturing and commercialization efforts, including advancing the construction of its planned US-based giga-factory for the production of its 3D Current Collectors.
Led by CEO Moshiel Biton, Addionics is a manufacturer of 3D Current Collectors™ empowering batteries. Its drop-in solution integrates into existing production facilities, allowing battery manufacturers and automakers to increase production capacity while reducing manufacturing costs. By improving the internal physical structure of the battery, Addionics 3D Current Collectors empower the performance of any battery regardless of its chemistry. Designed for commercial scale, it has partnerships with major OEMs and automakers across North America and Europe.
The company has sites in the UK, Israel, the US, and Germany.
Commenting on the news, Moshiel Biton said: “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.”
FinSMEs
25/07/2024