Addionics Secures $39 Million in Series B Funding
Addionics, a pioneering battery technology company based in London, UK, has made headlines recently by securing an impressive $39 million in Series B funding. This significant funding round was spearheaded by GM Ventures and Deep Insight, with additional participation from Scania and both new and returning strategic investors. This capital infusion marks a crucial step in the company’s growth strategy, as it aims to bolster its teams across various global locations and significantly expand its manufacturing capabilities. A central focus of this investment will be the construction of a planned giga-factory in the United States, dedicated to the production of Addionics' revolutionary 3D Current Collectors™.
Under the expert leadership of CEO Moshiel Biton, Addionics has established itself as a key player in the battery manufacturing landscape.
The company specializes in creating 3D Current Collectors™, which are designed to enhance battery performance across different chemistries. One of the standout features of Addionics' technology is its drop-in solution that seamlessly integrates into existing production lines, thereby not only enhancing production capacity but also significantly lowering manufacturing costs for battery manufacturers and automakers alike. The innovative approach of improving the battery's internal physical structure allows Addionics to offer a solution that delivers superior performance while being adaptable to various battery designs.
As the global demand for higher-performing batteries continues to rise, the opportunities for Addionics are expanding rapidly. Moshiel Biton has expressed optimism about the future, stating, "As the global demand for higher performing batteries grows, so too has the demand for our product." With the funds raised, Addionics is poised to initiate commercial production by the end of the year, marking a pivotal moment in the availability of cutting-edge battery technology for manufacturers worldwide. The company’s commitment to creating impactful partnerships with leading original equipment manufacturers (OEMs) in both North America and Europe underlines its strategic vision for international growth and innovation in the battery sector.
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