Addionics, a startup that makes components for rechargeable batteries used in electric vehicles (EVs), has announced a Series B funding round of $39m (£30m).
The investment will go towards growing teams across the globe, expanding its manufacturing and commercialisation efforts, and improving the construction of its planned US-based gigafactory.
Addionics manufactures current collectors, which conduct and bridge the flow of electrons between a material and an external battery terminal.
Its 3D current collectors aim to improve heat dissipation throughout electrodes. The result, says Addionics, is faster charging time, increased power, and improved stability – at a lower cost.
The startup’s round was co-led by GM Ventures and Deep Insight, with participation from Scania, along with new and returning strategic investors.
Founded in 2017 by Farid Tariq (CSO), Vladimir Yufit (CTO), and Moshiel Biton (CEO), Addionics has production facilities in the US and Israel, along with sites in the UK and Germany.
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.”
The idea of 3D metal structures for battery electrodes has been around for a long time. On its website, Addionics says: “We did not invent the concept of 3D metal structures for battery electrodes. The concept and its benefits were previously mentioned by academia while some companies tried to integrate these structures into batteries using products from different industries.
“However, their efforts were unsuccessful, due to the lack of a battery-graded product. This means that there was no manufacturing process dedicated to battery current collectors, and this is exactly what we have been focusing on since day one.”