London-based startup Addionics has raised $39 million to commercialize its 3D ‘current collectors,’ which promise to enhance the performance of electric vehicle (EV) batteries. The funding round was led by General Motors’ venture capital arm and Israeli VC fund Deep Insight, with participation from Swedish truck-maker Scania.
Addionics has developed a 3D-structured ultra-thin copper foil that can be integrated into existing battery designs. This current collector minimizes internal resistance, allowing for more efficient energy flow, which improves battery capacity, charging times, and lifespan. While the technology benefits all types of batteries, the UK-based firm is primarily focusing on the automotive industry.
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Strategic Expansion Plans
The new capital will support Addionics’ research and development efforts as the company prepares to open its first gigafactory in the United States by 2027. CEO and co-founder Moshiel Biton highlighted the incentives offered by the US government as a significant factor in choosing the location for the plant. The planned $400 million investment will enable Addionics to produce tens of thousands of tons of 3D copper foil annually, sufficient for 90GWh of battery capacity per year.
Market Impact and Future Goals
Addionics aims to reduce the overall cost of batteries in the US through its innovative technology. Since its founding in 2017 by Biton and Farid Tariq, the company has raised a total of $72 million. With plans to secure additional funding through grants, equity, and debt, the company is poised to significantly impact the EV battery market.
Anirvan Coomer, Managing Director at GM Ventures, praised the startup’ approach: “Addionics’ current collector design shows promise in enabling improved battery performance at a lower cost.”
With this substantial investment, the startup from the UK is set to drive advancements in EV battery technology, enhancing performance and efficiency for the automotive industry.
