Battery technology startup Addionics announced that it has raised $39 million in a Series B funding round co-led by GM Ventures and Deep Insight, with proceeds to be used to support the growth and expansion of its solution enabling cheaper, lighter, faster-charging, and more conductive batteries.

Founded in 2018, Israel, UK and U.S.-based Addionics provides technology aimed at allowing battery manufacturers and automakers to increase production capacity while reducing manufacturing costs. The company produces “3D Current Collectors,” a drop-in solution based on 3D cell architecture that enables higher energy density, reduced charging time and improved safety. According to the company, the 3D structure minimizes internal resistance and improves mechanical longevity, thermal stability and other degradation factors relative to standard batteries, resulting in a step-change in production cost and performance. Additionally the company’s manufacturing process uses up to 60% less copper and aluminum and fewer layers, all with higher energy density.

Addionics said that the funds will be used to build up global teams and expand manufacturing and commercialization, including advancing the construction of its planned US-based giga-factory to manufacture Addionics’ 3D Current Collectors.

Moshiel Biton, CEO and Co-Founder of Addionics said:

“Working with true partners who understand the urgency of what Addionics has set out to accomplish is a privilege. 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.”

The round was co-led by GM Ventures and Deep Insight, with participation from Scania, along with new and returning strategic investors. The company said it works with most of the 10 biggest global automotive OEMs and battery manufacturers.

Anirvan Coomer, Managing Director, GM Ventures said:

“GM’s investment supports our broader mission of identifying, investing in, and developing the right technology that will enable our all-electric future. Addionics’ current collector design shows promise in enabling improved battery performance at a lower cost. We are eager to support the company’s growth and look forward to continuing to explore opportunities to collaborate in the future.”