Addionics raises €5.4M to develop next-generation batteries for electric cars

Addionics founders Moshiel Biton, Farid Tariq and Vladimir Yufit

Addionics, a startup based in the UK that provides specialized automobile batteries for electric vehicles and other applications, has raised $6 million (approx €5.4 million) in funding led by Next Gear Ventures. On top of that, the company also got a $2.5 million (approx €2.2 million) grant as part of the European Union’s Horizon2020 innovation competition.

Founded by Farid Tariq, Moshiel Biton, and Vladimir Yufit in 2017, Addionics provides specialized improved rechargeable batteries by redesigning their architecture. With a novel and patent-pending 3D metal fabrication method, the company enhances performance, mileage, safety, cost, and charging time of batteries.

Also, the 3D metal fabrication method improves mechanical longevity, thermal stability, and other limitations and degradation factors as well.  This process results in a significant step-change in the performance of all key battery characteristics simultaneously and enables a cheaper cost of ownership.

Addionics CTO Dr. Vladimir Yufit explains in a statement: “We are agnostic to the battery chemistry. Therefore, we can take existing or future batteries and enhance their performance by our smart 3D components. No matter what chemistry technology will win the electrification race, we will improve it even more.”

As of now, the company is targeting the automotive market but also sees its tech finding a home in other consumer electronics products, medical devices, and much more. “With our technology, this means cleaner transport and less contribution to climate change than conventional vehicles. And we’re not limited to vehicles. We’re building an all-battery powered future that can live longer and generate less waste. Our technology will support the creation of a clean and sustainable planet.”

According to Dr. Moshiel Biton, Addionics CEO says that the company is expecting to have 3-4 significant collaborations with “world-leading OEMs” over the next year.

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