Israeli chemistry-agnostic battery technology company Addionics today announced the completion of a $27 million Series A financing round. The new funds will be used to scale up the company's efforts to redesign battery architecture. Addionics smart 3D electrodes improve the cost and performance of batteries with any chemistry, either existing or emerging.
The financing round was led by Deep Insight together with Catalyst Fund, Delek Motors and Dr. Boaz Schwartz. Additional investors include Novelis, Magna International, JX Nippon Mining & Metals, Union Tech Ventures, 8090 Partners, GiTV, Talcar Corporation, Bridges Israel, Doral Energy Tech Ventures and Dr. David Deak as well as existing investors NextGear Ventures and Vasuki Global Tech Fund.
Addionics is redesigning battery architecture, replacing the electrode’s traditional 2D layered structure with an integrated 3D structure. This revolutionary approach results in batteries with increased energy density and power, enhanced safety, and longer lifetime, without increasing battery cost. This innovation unlocks the full potential of next-generation battery chemistries to address rising global battery demand driven by electrification trends and de-carbonization mandates.
The company’s core IP is its patented and scalable electrode fabrication process that substantially cuts manufacturing costs, enabling mass market adoption of 3D electrode structures for the first time. This drop-in solution is compatible with existing battery manufacturing facilities and assembly lines. Addionics’ proprietary artificial intelligence (AI) algorithm also accelerates battery development time, optimizing electrode designs to meet any battery application and performance requirement. The company says that with the combination of its patented manufacturing process and AI algorithm, manufacturers can build high performance batteries with reduced market prices at the giga scale.
Addionics cofounder and CEO Dr. Moshiel Biton said, "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. 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."
Addionics plans integrating its technology into a wide variety of applications with an initial focus on electric vehicles in collaboration with some of the world’s largest carmakers and suppliers. The company is collaborating with leading automotive OEMs and suppliers in the US and Europe to integrate 3D smart electrodes with lithium-nickel-manganese-cobalt-oxide (NMC), lithium iron phosphate (LFP), silicon, lithium polymer battery chemistries and solid state batteries (SSB).
Published by Globes, Israel business news - en.globes.co.il - on January 25, 2022.
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