GM Invests In Israeli EV Battery Firm

General Motors has made a significant move in the electric vehicle battery sector by investing in Israeli battery technology company Addionics.

GM's venture capital arm, GM Ventures, co-led a $39 million funding round alongside Israeli tech venture fund Deep Insight. Swedish truck maker Scania, owned by Volkswagen's Traton, also participated in the funding. This strategic investment aims to commercialize Addionics' innovative copper and aluminum electrodes for EV batteries.

Addionics has developed porous, three-dimensional electrodes that use 60% less copper and promise faster charging and a 30% increase in EV range. According to Reuters, these electrodes, which resemble sheer silk scarves when held to the light, could offer substantial cost savings for automakers, estimated at up to $7.50 per kilowatt hour.

In addition to its investment, General Motors is a potential customer for Addionics' electrode materials, reflecting the automaker's commitment to advancing its EV technology and reducing production costs. This partnership aligns with GM's broader strategy to innovate and lead in the electric vehicle market– despite the consumer headwinds the company has faced.

Earlier this year, Addionics announced plans to build a $400 million factory in the U.S. to produce copper anodes for EV batteries, with production aimed at supplying enough materials for about 1 million EVs annually by 2027. The company plans to start delivering battery cells to automakers for testing by late 2024 and aims to achieve full-scale production by 2027 or 2028.

This article was co-written using AI and was then heavily edited and optimized by our editorial team.

Become a TTAC insider. Get the latest news, features, TTAC takes, and everything else that gets to the truth about cars first by  subscribing to our newsletter.