Addionics, an EIC-funded start-up working on next generation batteries, has closed a Series A funding round with a large group of investors, raising an amount of $27 million (around €24 million). With this funding round, led by Deep Insight, Addionics also enlarged its board of directors.
The innovative technology, developed by Addionics, is focused on chemistry-agnostic batteries. With this new funding, the company will be able to scale up its efforts to redesign battery architecture with the company’s Smart 3D Electrodes, improving the cost and performance of batteries with any chemistry.
According to Moshiel Biton, co-founder & CEO of Addionics, the company hopes to use the investment to make their business grow, contributing to the global sustainability goals: “The investment will help the company achieve its development, expansion, and commercialisation goals, on our way to building the best battery architecture in the market. This is a part of our vision to deliver a product that will accelerate electrification to create a better and more sustainable future, for all of us.”.
Addionics’ ground-breaking approach results in batteries with increased energy density and power, enhanced safety, and longer lifetime. This innovation unlocks the full potential of next-generation battery chemistries to address rising global battery demand driven by electrification trends and decarbonization mandates. Furthermore, the start-up is able to leverage on their proprietary artificial intelligence (AI) algorithm which accelerates battery development time. With the combination of Addionics’ patented manufacturing process and AI algorithm, manufacturers can build high performance batteries with reduced market prices.
Moshiel also share with us what will be the next steps Addionics will take thanks to this funding: “Addionics plans to use the additional investment to further develop its technology capabilities and applications with the goal of reaching commercialization 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.”.
Addionics received a Phase 2 grant from the European Innovation Council to work on an innovation that aims to introduce a novel 3D battery architecture that substantially enhances battery performance regardless of the battery chemistry. By overcoming the battery architecture problem, the project will help to promote true e-mobility.
DISCLAIMER: This information is provided in the interest of knowledge sharing and should not be interpreted as the official view of the European Commission, or any other organisation.