Addionics, an Israel-based chemistry-agnostic battery technology company, raised $39 million in a Series B funding round. The round was co-led by GM Ventures and Deep Insight, with participation from Scania and new and returning strategic investors.
This company manufactures 3D current collectors and states that it has better heat dissipation throughout the electrodes, resulting in faster charging time, increased power, and improved stability, resulting in better-performing batteries at lower cost.
The investment will allow Addionics to build up teams across the globe and expand its manufacturing and commercialization efforts, including advancing the construction of its planned US-based giga-factory for the production of Addionics 3D Current Collectors.
The company, in February, announced a $400 million investment into the gigafactory, which once completed, is expected to generate tens and thousands of tons of 3D copper foils to support 90 GWh of battery capacity a year.
“Working with true partners who understand the urgency of what Addionics has set out to accomplish is a privilege,” said Moshiel Biton, CEO and Co-Founder of Addionics. “As the global demand for higher performing batteries grows, so too has the demand for our product. With the new funding, we will be able to begin commercial production by the end of the year, delivering our technology to battery manufacturers and enhancing battery performance globally.”
According to Mercom’s recently released 1H and Q2 2024 Funding and M&A report for Storage and Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
Anthro Energy, a provider of lithium-based battery solutions, recently announced the closing of an over-subscribed $20 million Series A funding round. Collaborative Fund led the financing, with significant participation from existing investors, including Union Square Ventures, Emerson Collective, and Voyager Ventures. Energy Revolution Ventures, Ultratech Capital Partners, Nor’easter Ventures, and Overlap Holdings also participated in the round.
