GM Invests in Battery Startup Addionics

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Israeli battery technology company Addionics has successfully secured $39 million in a new funding round to advance the commercialization of its innovative copper and aluminum electrodes for electric vehicle (EV) batteries. The investment round was co-led by GM Ventures, the venture capital arm of General Motors, and Deep Insight, an Israeli technology venture fund. Swedish truck manufacturer Scania, a subsidiary of Volkswagen’s Traton, also participated in this significant funding round.

This latest infusion of capital will enable Addionics to further develop and commercialize its groundbreaking battery technology. GM Ventures and Scania are not only investors but also potential key customers for Addionics’ advanced battery materials. The company’s unique electrodes, which are made of porous, three-dimensional copper and aluminum, utilize 60% less copper compared to traditional electrodes. These materials are designed to offer faster charging times and a 30% increase in EV range, potentially saving automakers up to $7.50 per kilowatt-hour in battery costs.

Anirvan Coomer, Managing Director at GM Ventures, expressed enthusiasm about the investment, noting, “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 for collaboration.”

In addition to this funding, Addionics has announced plans to build a $400 million factory in the United States by 2027. This facility will produce copper anodes for EV batteries, with a goal of supplying enough material for approximately 1 million EVs annually.

CEO Moshiel Biton highlighted that the company is poised to begin delivering battery cells to automakers for testing by late 2024, with full-scale production expected to commence between 2027 and 2028. Biton also mentioned that Addionics is in discussions with nearly all major automakers across Europe, Japan, and the United States.

“Legacy automakers are currently struggling to make a profit from EVs,” Biton said. “Any technology that helps reduce costs and enhance performance is highly valuable and represents the holy grail of innovation in this sector.”