Addionics, a chemistry-agnostic battery technology company has raised $27 million (Rs 200 crore) in a Series A funding round to scale up its efforts to redesign battery architecture with its Smart 3D Electrodes, which improves the cost and performance of batteries with any chemistry – existing or emerging.
The funding round was led by Deep Insight, a deep tech investment firm founded and backed by Jeff Horing, the founder of Insight Partners, together with Catalyst Fund, Delek Motors and Dr. Boaz Schwartz. Additional investments include strategic and financial support from Novelis, Magna International, JX Nippon Mining & Metals, Union Tech Ventures, 8090 Partners, GiTV, Talcar Corporation, Bridges Israel impact investment fund, Doral Energy Tech Ventures (Doral Energy CVC), and Dr. David Deak. Existing investors that participated in the round include NextGear Ventures, Magna Capital Partners and Vasuki Global Tech Fund.
Along with his investment, Dr. Deak will join Addionics’ board of directors, leveraging his past experience leading supply chain projects and battery engineering programs on Tesla’s Gigafactory team. Former executive director at NIO Capital, Yair Shacked, has also recently joined Addionics’ advisory board.
The company is focussing on redesigning battery architecture, replacing the electrode’s traditional 2D layered structure with an integrated 3D structure. This approach results in batteries with increased energy density and power, enhanced safety, and longer lifetime – all without increasing battery cost. This innovation claims to unlocks the full potential of next-generation battery chemistries to address rising global battery demand driven by electrification trends and decarbonisation mandates.
Addionics core IP is its patented and scalable electrode fabrication process that significantly lowers manufacturing costs, enabling mass market adoption of 3D electrode structures for the first time. This drop-in solution is compatible with existing battery manufacturing facilities and assembly lines. In addition, Addionics’ proprietary artificial intelligence (AI) algorithm accelerates battery development time, optimising electrode designs to meet any battery application and performance requirement. With the combination of Addionics’ patented manufacturing process and AI algorithm, manufacturers can build high performance batteries with reduced market prices at the giga scale.
Dr. Moshiel Biton, CEO and co-founder, Addonics said, “With the backing of our esteemed investors and strategic partners, Addionics is forging a clear path to market disruption and is well-positioned to deliver higher performing, lower cost batteries at scale. We look forward to accelerating our product development and laying the necessary groundwork for commercialisation as we remain committed to our mission of revolutionising the battery industry by building the best battery cell architecture in the market.”
The company plans to advance the integration of its technology into a wide variety of applications with an initial focus on electric vehicles. The company is collaborating with leading automotive OEMs and suppliers in the U.S. and Europe to integrate 3D Smart Electrodes with lithium-nickel-manganese-cobalt-oxide (NMC), lithium iron phosphate (LFP), silicon, lithium polymer battery chemistries and solid state batteries (SSB).
The Series A investment follows an initial $9 million (Rs 66 crore) in funding led by Next Gear Ventures, which included a $2.5 million (Rs 19 crore) grant as part of the European Union’s Horizon2020 innovation competition. Addionics plans to utilise the additional investment to further develop its technology capabilities and applications with the goal of reaching commercialisation by 2024. The funding will also be leveraged to expand the company’s team and increase its activity in the U.S. and Germany to better engage with partners.