If we put supply and price issues aside for a moment, the thing that most bothers potential buyers of electric vehicles are their batteries. After all, not everyone can set up an at-home charging station, and many find it difficult to imagine themselves waiting an hour and a half at charging stations any time they need to charge while travelling. And even if you have overcome these concerns, there is uncertainty about the future of the battery and what its performance will be after 3, 5 or 8 years.
A new Israeli startup, which came out of stealth on Friday (Sept 16) claims that it has succeeded in inventing a new battery that will solve almost all the problems of electric vehicles, or at least those related to its batteries.
Coal on steroids instead of lithium
Instead of using lithium-based batteries, as is the custom in most devices and vehicles today, the Israeli startup EEXION claims that it has succeeded in creating a new technology for an energy storage device, by using carbon electrodes enriched through chemical manipulation. EEXION’s CEO, Dror Sofer, explained to us that, unlike lithium batteries, EEXION’s batteries can withstand more than 30,000 charge cycles from 0% to 100% – without significant loss of capacity, unlike lithium batteries. When you need to get rid of your battery, the company explained that it can be recycled into coal simply and cheaply – unlike lithium batteries, whose recycling is complex and expensive.
Beyond preserving the battery, Sofer explains that their technology also allows fast full charging Because it removes limitations and considerations of charge durations, charging depths and unloading and current consumption from the device. How fast exactly? The company claims that you can fully charge the battery within 5 minutes without affecting its performance or capacity, which opens the door to "gas stations" for electric vehicles, so people can ‘fill up’ their battery in minutes, instead of the lengthy time it currently takes. Moreover, the new battery is expected to be less flammable and dangerous than existing batteries which are important since electric vehicles that catch fire can take over 4 hours to put out.
But before you cancel your reservation for your eclectic vehicle which will probably only get to you in 2023, there are a few things you should know. EEXION’s development has successfully passed the proof-of-ability stage on several thousand cells the size of a coin, but as the company claimed, in a "relatively short period" it will also introduce commercial-sized cells. After examining them and receiving the necessary approvals, they will be able to launch pilots with car and battery companies. And although their product is supposed to be better than lithium in every parameter, EEXION explains that the only parameter they are still trying to improve is the energy density, which is currently only approaching that of lithium. In response to our question, we were told that in the first model the battery capacity will be about 70% of the capacity of a lithium-ion battery of the same weight. In other words, until a significant improvement is achieved, the charging time of the vehicle will be significantly shorter, but so will its driving range.
EEXION claims that in the field of batteries, the world has gotten used to getting excited about one parameter improvements, and I can understand where they are coming from: even when CATL, the world's largest car battery manufacturer, announced its new battery two months ago, the progress was impressive mainly around range and charging speed.
$2 million under their belt for the next steps
Behind EEXION is Dr. David Malka (CTO), doctor of electrochemistry from Bar Ilan University and inventor of the basic process in the technology; Dror Sofer (CEO), holds a bachelor's and master's degree in physical electronics from Tel Aviv University; Professor Doron Aurbach, Head of the Energy and Sustainability Center at Bar Ilan; and Uri Chervin (COO).
EEXION is now moving to the next stage of its development with a $2 million seed round led by Capital Nature, with the participation of 4WARD VC and Climate Capital Collective. In addition, several European angels and ESIL participated in the round.
Ofir Gomeh, CEO of Capital Nature, which led the latest fundraising round, said: "Capital Nature, a leading investment company that has been investing in Israeli Climatech ventures for over a decade, recognized the technological and innovative potential in EEXION’s solution, and together with other partners led this recruitment round. As a strategic investor, Capital Nature will help the company grow and become a company that will change the world of charging both for electric vehicles and for energy storage for grid use."