GM Ventures Invests In Israeli Battery Tech Company Addionics
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A group of investors co-lead by GM Ventures has invested approximately $39 million into Israeli battery technology company Addionics in order to help commercialize its copper and aluminum electrodes for use in electric vehicle batteries.
According to a report from Reuters, General Motors’ venture capital arm and Israeli tech venture fund Deep Insight are co-leading the funding effort. Notably, Swedish truck maker Scania – which is owned by Volkswagen’s Traton – also participated in the investment.
“Addionics’ current collector design shows promise in enabling improved battery performance at a lower cost,” GM Ventures Managing Director Anirvan Coomer noted in a prepared statement. “We are eager to support the company’s growth and look forward to continuing to explore opportunities to collaborate in the future.”
Beyond that, GM and Scania are also potential customer’s for Addionics’ porous, three-dimensional copper and aluminum electrode battery materials, which uses less materials. Per the Israeli battery technology company, the electrodes are capable of providing faster charging rates and can boost EV range by as much as 30 percent. As such, Addionics forecasts savings of up to $7.50 per kilowatt-hour.
“Legacy automakers are losing money building EVs,” Addionics CEO Moshiel Biton remarked. “Any technology that allows them to reduce cost and improve performance, that’s the holy grail.”
For reference, Addionics stated earlier this year that it has plans for a $400-million U.S. factory to manufacture copper anodes for electric vehicle batteries. Kicking off in 2027, this could eventually supply enough anodes for a million EVs every year. In addition, Biton claimed that the battery company will start delivering battery cells to automakers for testing in late 2024, and that everything is on track to produce products at scale by 2027 or 2028. In fact, he affirmed that Addionics has been working with or talking to nearly all major automakers in Europe, Japan and the United States.
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