August 9, 2024: Addionics, an Israel-headquartered battery technology start-up, has raised $39 million in a series ‘B’ funding, it announced on July 25.

The round was co-led by GM Ventures and Deep Insight, an Israeli tech venture fund, with participation from truck and bus manufacturer Scania, Union Tech Ventures, Delek Motors and others.

The funds will bolster the company’s manufacturing capabilities, expand its commercialization efforts, and be used for the construction of its first US factory, which is expected to begin production in 2027. The company plans to invest $400 million to expand manufacturing operations in the US as it tries to lower EV battery costs.

Addionics has 60 employees with operations in the US, UK, Israel and Germany, and works with the majority of the 10 largest OEMs and battery manufacturers, according to the firm.

The company manufactures 3D current collectors, which it says enables “significant battery manufacturing and performance benefits” 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. “

Addionics was founded in 2017 by CEO Moshiel Biton, CSO Farid Tariq and CTO, Vladimir Tufit.