General Motors’ venture capital arm, GM Ventures, was a lead investor in a $39 million Series B funding round for the battery technology startup Addionics, according to a July 25 press release.
Addionics manufactures 3D current collectors. These collectors are designed to improve both battery manufacturing and performance. The company describes its product as a low-cost, drop-in solution for existing production facilities.
“Addionics’ current collector design shows promise in enabling improved battery performance at a lower cost,” said Anirvan Coomer, managing director of GM Ventures, in the release. He added, “We are eager to support the company’s growth and look forward to continuing to explore opportunities to collaborate in the future.”
The investment provides significant capital that the company plans to use to build its first U.S. factory. Production at the new factory is expected to begin in 2027. Addionics plans to invest $400 million to expand its manufacturing capabilities within the country, aiming to reduce electric vehicle battery costs. The company currently operates in the U.S., U.K., Israel, and Germany, and according to the release, it collaborates with the majority of the ten largest original equipment manufacturers (OEMs) and battery manufacturers globally.
Moshiel Biton, CEO and co-founder of Addionics, stated in the press release, “Working with true partners who understand the urgency of what Addionics has set out to accomplish is a privilege.” He continued, “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.”
Deep Insight, an Israel-based venture capital fund, also led the financing round. Additional participants included Scania, a commercial vehicle manufacturer in Sweden, alongside other new and existing strategic investors, as indicated in the release.
