Addionics Named BNEF 2022 Pioneer by Bloomberg New Energy Finance
Addionics, a chemistry-agnostic battery technology company, has been selected as a 2022 Pioneer by Bloomberg New Energy Finance (BNEF) for its technology’s potential to accelerate global decarbonization and halt climate change. Winners are judged by a panel of cross-industry experts based on technological innovation, the capability to transform and scale, and company growth. Addionics’ award-winning Smart 3D Electrode technology improves all key performance metrics for batteries with any chemistry, increasing energy density and power, enhancing safety, and extending lifetime – all without increasing cost. This innovation unlocks the full potential of next-generation battery chemistries to address rising global battery demand driven by electrification trends and decarbonization mandates.
“We at Addionics are honored to be selected as a Bloomberg New Energy Pioneer from a field of such outstanding companies. It is a testament to our success in expanding the boundaries of battery innovation. Bloomberg has a rich history of identifying the startups that go on to become the world’s most successful cleantech companies,” said Moshiel Biton, CEO and co-founder of Addionics. “This award is a recognition of Addionics’ unique approach to delivering higher performing, lower cost batteries at scale, and we look forward to solving some of electrification’s most pressing challenges by building the best battery architecture on the market.”
Addionics is one of twelve BNEF Pioneers from this highly competitive group selected from over 270 applications from around the world. Bloomberg New Energy Finance has a proven track record of identifying promising companies that go on to achieve considerable market success. For example, Maxwell Technologies, a 2012 Pioneer, was acquired by Tesla for over $200 million, and C3.ai went public after receiving this distinction in 2020 and is currently valued at over $2 billion.
“Addionics has developed an innovation to drive lithium-ion down the learning curve. This innovation is particularly promising because it can be applied to any battery chemistry and could be commercialized faster than most new battery technologies because the innovation is based on physics (electrode design) rather than new chemistry innovations, which often require many more years of optimization,” said Claire Curry, selection committee co-chair and global head of technology, industry & innovation research at BloombergNEF.
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While most efforts to improve batteries have focused on chemistry and resulted in only incremental improvements over the last three decades, Addionics focuses on physics. The company has innovated a Smart 3D design for electrodes that is compatible with any battery chemistry, existing or emerging. The 3D structure allows for active material to be integrated throughout the electrode at higher loads, which leads to improvements in key battery performance metrics. Addionics’s core IP is its patented, cost effective and scalable battery grade electrode fabrication manufacturing process, which significantly lowers costs by allowing battery OEMs to use their existing manufacturing infrastructure. This drop-in solution is compatible with existing battery manufacturing facilities and assembly lines. In addition, Addionics’ proprietary artificial intelligence (AI) algorithm accelerates battery development time and can optimize electrode designs to meet any battery application and performance requirements, while reducing production costs. With these combined advantages, manufacturers can build high performance batteries at lower cost per kWh.
“Addionics is in an exciting growth phase and are well-deserving of BNEF’s prestigious award,” said Dr. David Deak, President of Marbex LLC and Addonics board director. “Approaching battery innovation through physics is unique, and offers huge potential for mass market applications. It’s a win-win for investors, with the ability to support ESG goals and enable electrification.”
Addionics recently closed a $27 million Series A funding round in January 2022, bringing the company’s total funding to $40 million. The funding will be used to expand the team, accelerate product development, and lay the groundwork for commercialization with the support of Addionics’ partners, which include automakers and tier 1 suppliers.
Source: Bloomberg New Energy Finance