GM Ventures Invests in Battery Tech Startup Addionics
General Motors Co.’s venture capital arm, GM Ventures, has taken a leading role in a $39 million Series B funding round for Addionics, a battery technology startup, according to a recent press release. Addionics focuses on manufacturing 3D current collectors, which the company claims will provide considerable advantages in battery production and performance. These current collectors are designed as a cost-effective, easily integrated solution for current manufacturing setups.
“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. “We are eager to support the company’s growth and look forward to continuing to explore opportunities to collaborate in the future.”
The funding will also support the construction of Addionics’ inaugural U.S. factory, with production targeted to begin in 2027. Overall, the company plans to invest $400 million to expand manufacturing operations within the United States as it seeks to reduce the costs associated with electric vehicle batteries.
Addionics has operations spanning the U.S., U.K., Israel, and Germany, and the company’s partnerships include working with most of the world’s top 10 original equipment manufacturers (OEMs) and battery manufacturers.
“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, in the release. “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, a venture capital firm based in Israel, also led the financing round. Other participants included Scania, a commercial vehicle manufacturer based in Sweden, in addition to a number of new and existing strategic investors, the release noted.
