TEL AVIV — January 25, 2022 — Addionics, a chemistry-agnostic battery technology company, today announced it has raised $27 million in a Series A funding round to scale up its efforts to redesign battery architecture with the company’s 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 and Vasuki Global Tech Fund.
Along with his investment, Dr. Deak joins 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. Addionics is focused on redesigning battery architecture, replacing the electrode’s traditional 2D layered structure with an integrated 3D structure. This revolutionary approach results in batteries with increased energy density and power, enhanced safety, and longer lifetime – all without increasing battery cost. This innovation unlocks the full potential of next-generation battery chemistries to address rising global battery demand driven by electrification trends and decarbonization mandates.
The company’s 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, optimizing 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.
“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,” said Dr. Moshiel Biton, CEO and co-founder, Addonics. “We look forward to accelerating our product development and laying the necessary groundwork for commercialization as we remain committed to our mission of revolutionizing the battery industry by building the best battery cell architecture in the market.”
Addionics plans to advance the integration of its technology into a wide variety of applications with an initial focus on electric vehicles in collaboration with some of the world’s largest automakers and suppliers. 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).
“At Catalyst Fund, we align closely with Addionics’ mission of revolutionizing the energy storage industry and supporting a net zero future,” said Yair Shamir, Managing Partner at Catalyst-Fund. “With its unique physics-based approach to battery technology, Addionics stands above the competition in terms of mass market potential. The company is not only an exciting climate tech investment opportunity, but we foresee it as a key enabler of the electric transition.”
The Series A investment follows an initial $9 million in funding led by Next Gear Ventures, which included a $2.5 million grant as part of the European Union’s Horizon2020 innovation competition. Addionics plans to utilize 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.