Addionics sets sights on $400M investment into U.S. next-gen battery factories
Addionics sets sights on $400M investment into U.S. next-gen battery factories
The Israeli startup’s first plant is expected to begin production in 2027, with additional plants expected to be completed by 2032
Addionics, which develops technology to improve the performance of batteries, announced on Monday a planned $400 million investment into its U.S. manufacturing facilities as part of a multi-year roadmap to support domestic EV battery production. Once completed, the factories will generate 3D copper foils to support 90GWh of battery capacity a year.
The Israeli company plans to raise the money via a combination of grants, equity and debt.
Addionics' first plant is expected to begin production in 2027, with additional plants expected to be completed by 2032. The three-phase multi-factory plan will produce tens of thousands of tons of 3D copper foil per year, and according to the company, reduce the overall cost of batteries in the U.S., strengthen supply chain stability, and bolster domestic battery production.
"The ability to manufacture cost-effective high-performance batteries at scale is the biggest challenge facing the EV industry today," said Dr. Moshiel Biton, CEO and Co-Founder of Addionics. "The new U.S. facility will be our largest manufacturing facility to date, and will be able to support and accelerate the local production of the next generation of batteries that are powering the EV and electrified future."
By altering the internal physical structure of the battery, Addionics 3D Current Collectors significantly improves the performance of any battery regardless of its chemistry. Designed for commercial scale, Addionics has partnerships with major OEMs and automakers across North America and Europe.
Founded in 2017 by Ph.D. Moshiel Biton, Ph.D. Vladimir Yufit, and Ph.D. Farid Tariq, Addionics has production facilities in the U.S. and Israel, along with sites in the UK and Germany.
The company announced a $27 million Series A in January 2022. 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.
