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Adden Energy Secures $15M to Scale Next-Gen Lithium-Metal Batteries
Slice of Energy Team
October 24, 2024
Key Highlights:
Adden Energy raises $15M to scale lithium-metal solid-state batteries.
Self-healing technology eliminates dendrite formation and increases safety.
The batteries charge in under 10 minutes and offer up to 10x the lifetime of current EV batteries.
Funding will support the construction of a pilot production facility in Waltham, MA.
Source: Business Wire
Notable Quotes:
“Current EVs work great for people like me – those with at-home charging whose driving consists of short commutes and an occasional road trip.”
“We’ve figured out how to make components that self-heal dynamically while the battery is in-use.”
“The cost per kilowatt hour is going to drop by 30%, and that is going to be a significant driver of adoption.”
Our Take:
Adden Energy's breakthrough in lithium-metal solid-state battery technology is a game changer for the electric vehicle market. The elimination of dendrites and self-healing capabilities positions these batteries to outperform current lithium-ion batteries in range, safety, and charge time, addressing major consumer concerns. With significant funding secured and federal initiatives supporting domestic battery manufacturing, Adden Energy is well poised to become a leader in the next phase of EV innovation. Their ambitious goal of achieving EV parity with internal combustion engines by 2028 could accelerate the adoption of electric vehicles on a global scale.