Summary
- Addionics raises $39 million from investors for commercializing copper and aluminium electrodes for EV batteries
- GM Ventures and Scania are leading the funding round
- Addionics’ electrodes use less material and provide faster charging, promising a 30% boost in EV range
- Addionics forecasts savings of up to $7.50 per kilowatt hour for automakers
- Addionics plans to start delivering battery cells to automakers for testing in late 2024 and scale production by 2027 or 2028
Article
Israeli battery technology company Addionics has secured $39 million in funding from investors including General Motors’ venture capital arm to further develop its copper and aluminium electrodes for electric vehicle batteries. This B Series funding round was co-led by GM Ventures and Israeli tech venture fund Deep Insight, with participation from Swedish truck maker Scania, owned by Volkswagen’s Traton. Addionics’ innovative porous, three-dimensional copper and aluminium electrode materials use less material, including 60% less copper, while providing faster charging and boosting EV range by 30%. Automakers could potentially save up to $7.50 per kilowatt hour with these electrodes.
GM Ventures managing director Anirvan Coomer stated that Addionics’ current collector design has great potential for improving battery performance at a lower cost, expressing eagerness to support the company’s growth and explore collaboration opportunities. Addionics plans to build a $400 million U.S. factory to produce copper anodes for EV batteries by 2027, aiming to supply enough for approximately 1 million EVs annually. CEO Moshiel Biton announced that the company will start delivering battery cells to automakers for testing in late 2024 and is on track to deliver products at scale by 2027 or 2028. Biton emphasized the importance of reducing costs and improving performance for legacy automakers building EVs.
Addionics’ electrode materials have drawn interest from major automakers in Europe, Japan, and the United States, with the company working with or engaging in discussions with virtually all key players in the industry. The adoption of Addionics’ technology could be a game-changer for automakers, offering a solution to the cost challenges of producing EVs. By enabling automakers to reduce expenses and enhance performance simultaneously, Addionics aims to support the transition to electric mobility and make it more financially viable for legacy automakers.
The three-dimensional copper and aluminium electrode materials developed by Addionics have a distinct appearance resembling sheer silk scarves when held up to the light, highlighting their unique design. These innovative materials promise to transform the efficiency of electric vehicle batteries, leading to faster charging times and extended range. By using less material and optimizing the electrode structure, Addionics’ technology has the potential to revolutionize the battery industry and accelerate the adoption of electric vehicles globally, benefiting both automakers and consumers.
With the support of investors like GM Ventures and Scania, Addionics is well-positioned to bring its cutting-edge electrode materials to the market and drive the advancement of electric vehicle technology. The company’s strategic plans to establish a U.S. factory for mass production of copper anodes signify its commitment to scaling up operations and meeting the growing demand for electric vehicle batteries. By collaborating with industry leaders and showcasing the benefits of its technology, Addionics is paving the way for a more sustainable and cost-effective future for electric mobility.
In a competitive automotive landscape where legacy automakers are grappling with the challenges of transitioning to electric vehicles, Addionics’ breakthrough technology offers a promising solution to improve battery performance, reduce costs, and enhance the overall value proposition of EVs. By leveraging its expertise in battery technology and collaborating with key stakeholders in the industry, Addionics is poised to play a pivotal role in shaping the future of electric mobility and driving innovation in the electric vehicle market. As the company continues to advance its electrode materials and scale up production, it is poised to make a significant impact on the sustainability and affordability of electric transportation.
Read the full article here
