General Motors Funds Israeli EV Battery Tech Firm Addionics
Portfolio Pulse from Shivani Kumaresan
General Motors' venture capital arm, GM Ventures, co-led a $39 million Series B funding round for Israeli battery technology company Addionics. The investment will enhance Addionics' manufacturing capabilities and global business engagements, including the construction of a U.S.-based giga-factory. Addionics' 3D Current Collectors offer benefits such as better heat dissipation, faster charging, increased power, and improved stability, potentially saving automakers up to $7.50 per kilowatt hour. GM shares are trading lower by 4.99% at $44.17.
July 25, 2024 | 7:15 pm
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General Motors' venture capital arm, GM Ventures, co-led a $39 million Series B funding round for Addionics, an Israeli battery technology company. The investment aims to enhance Addionics' manufacturing capabilities and global business engagements, including the construction of a U.S.-based giga-factory. Despite this positive development, GM shares are trading lower by 4.99% at $44.17.
The investment in Addionics is a strategic move for GM to enhance its EV battery technology, which could lead to long-term benefits. However, the immediate market reaction shows a decline in GM's stock price, possibly due to broader market conditions or other factors affecting investor sentiment.
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