GM (General Motors) Ventures has co-led a $39 million financing round in Israeli company Addionics, which is developing technology to improve car battery performances. The financing round was co-led by Deep Insight with participation from truck and bus manufacturer Scania, Union Tech Ventures, Delek Motors and others.
Addionics was founded in 2017 by CEO Dr. Moshiel Biton, CSO Dr. Farid Tariq and CTO Dr. Vladimir Tufit. The company has 60 employees with offices in Israel, the US, the UK, and Germany.
Addionics develops and manufactures 3D Current Collectors, which drive significant car battery manufacturing and performance benefits. With better heat dissipation throughout the electrodes, batteries using Addionics provide faster charging time, increased power, and improved stability, resulting in better-performing batteries at a lower cost. The added benefit of the Addionics drop-in solution allows manufacturers to seamlessly integrate the 3D Current Collectors allowing for cost-effective production and rapid deployment.
Dr. 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."
Published by Globes, Israel business news - en.globes.co.il - on July 28, 2024.
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