Addionics, a global leader in battery technology, has raised £30 million in Series B funding.
The London firm is a manufacturer of 3D Current Collectors, which it claims drives significant battery manufacturing and performance benefits. With better heat dissipation throughout the electrodes, batteries using Addionics provide faster charging time, increased power and improved stability at a lower cost.
It says the drop-in solution allows manufacturers to integrate the technology quickly and easily.
The round was co-led by GM Ventures and Deep Insight, with participation from Scania, along with new and returning strategic investors.
The funds will be used to bolster the company’s manufacturing capabilities, build up teams across the globe and expand its commercialisation efforts, including advancing the construction of its planned US-based giga-factory for the production of Addionics 3D Current Collectors.
“Working with true partners who understand the urgency of what Addionics has set out to accomplish is a privilege,” said Moshiel Biton, CEO and co-founder of Addionics.
“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 company says it is working with the majority of the 10 biggest global automotive OEMs and battery manufacturers.
“GM’s investment supports our broader mission of identifying, investing in, and developing the right technology that will enable our all-electric future,” said Anirvan Coomer, managing director, GM Ventures.
“Addionics’ current collector design shows promise in enabling improved battery performance at a lower cost. We are eager to support the company’s growth and look forward to continuing to explore opportunities to collaborate in the future.”