Start-up developing next-gen EV batteries bags £4.8m
A start-up developing specialised batteries to power electric vehicles has secured a $2.5m grant as part of the European Union’s Horizon2020 innovation competition.
Founded by Farid Tariq, CEO Moshiel Biton, and CTO Vladimir Yufit in 2017, Addionics creates rechargeable batteries with a redesigned architecture.
The UK and Israeli firm has also raised $6m (£4.8m), led by Next Gear Ventures as part of the round.
Its 3D metal fabrication method is designed to improve battery performance, safety, and charging times. The fabrication process is said to result in fewer costs for electric car owners.
The firm’s CTO Dr. Yufit said the firm was ‘agnostic’ to the chemistry inside batteries and was focussed instead on improving battery life.
“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.
“This means cleaner transport and less contribution to climate change than conventional vehicles. And we’re not limited to vehicles.”
While the firm’s focus is electric vehicles, it said its technology could be reproduced in smaller consumer electronics products and medical devices in future.
“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.”