Addionics raises $27 mln to scale up 3D electrodes for EV batteries

By Nick Carey

LONDON, Jan 25 (Reuters) - Israeli battery technology company Addionics said on Tuesday it has raised $27 million to scale up its three-dimensional electrode technology that reduces electric vehicle battery costs and boosts performance.

The Tel Aviv-based company said investors in its Series A round included aluminium recycler Novelis, auto supplier Magna International and Talcar Corporation Ltd.

Addionics' technology replaces the electrode's traditional two-dimensional layered structure with an integrated three-dimensional structure, which it says creates batteries with increased energy density and power, improves safety by dissipating heat more quickly during charging, and extends battery life.

As carmakers race to bring more electric vehicles (EVs) to market, they are seeking ways to boost the range of their vehicles to give them a competitive edge, including by exploring new chemistries.

Addionics CEO Moshiel Biton told Reuters that the startup's electrodes are porous and have a greater surface area, which increases energy density and lowers battery costs by 10%.

"The idea is that with a 3D structure you can create more real estate, to load more material and increase your energy density," Biton said. "Now the idea is to scale up the technology and bring it to the market."

The startup has already tested its electrode technology with some German carmakers and major auto suppliers, he added, without giving names.

Addionics will use part of the funds raised to scale up its technology and build two pilot production lines, in Israel and the United Kingdom.

(Reporting By Nick Carey; Editing by Kirsten Donovan)