Remember when the Samsung Note 7 was spontaneously exploding? Instead of partaking in the general public’s panic, Dr. Moshiel Biton decided to investigate the science behind these hazardous explosions and his research led him to launch Addionics, a superior rechargeable battery designed through a 3-D metal fabrication method. Addionics batteries are more sustainable than the alternatives, with a 50% reduction in charging time and 200% increase in capacity/range. While Addionics is poised to disrupt many industries with its proprietary, ground-breaking technology, electric vehicles are its first target market.
London TechWatch sat down with Addionics CEO Dr. Bition to learn more about the company, its future plans, and recent funding round and its funding.
Who were your investors and how much did you raise?
The investment was led by Next Gear Ventures. We raised a pre-seed of $1M, a seed of $3M and won a €2.3M grant by the EU Horizon2020 phase 2.
Tell us about your product or service.
Addionics provides specialized improved rechargeable batteries by redesigning their architecture. With a novel and patent-pending 3D metal fabrication method, we enhance performance, mileage, safety, charging time and cost of batteries.
What inspired the start of Addionics?
7 years ago, we started investigating the cause of hazardous explosions in batteries, such as those in the Samsung Note 7, as part of our academic research. We were some of the first researchers to explore this in real-time, and in the process, we learned how this phenomenon could be harnessed and change the world of energy storage.
In 2018, we understood how we could create a larger impact on the world by starting a company focused on this mission, and Addionics was born.
We are developing a new technology that will transform the way we store and deliver energy with a positive effect on the environment. Today, we are accelerating the development and scale-up of our proprietary technology to create the next generation of batteries to power the future.
What market is Addionics targeting and how big is it?
We are targeting Electric Vehicles, but our technology is beneficial to any battery-powered application and we are working with more industries.
Who do you consider to be your primary competitors?
While all companies that are trying to improve batteries focus on chemistry, we were lucky to take another angle and focus on physics. This allows us to achieve significant improvement in battery performances and for any kind of chemistry in the market.
While all companies that are trying to improve batteries focus on chemistry, we were lucky to take another angle and focus on physics. This allows us to achieve significant improvement in battery performances and for any kind of chemistry in the market.
What are the biggest challenges that you faced while raising capital?
We are in deep tech, so not every investor has the vision to recognize the potential of this type of technology.
What factors about your business led your investors to write the check?
The high potential of the technology to disrupt the energy storage market, especially in mobility applications.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
To always look at their end goal and plan the road map according to that mission…Talk to as many people as you can – investors, potential partners, suppliers, and clients!
Where do you see the company going now over the near term?
Creating more use cases of our technology.
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