General Motors acquires Israeli battery start-up Algolion to boost electric vehicle safety
General Motors (NYSE:GM), one of the world's leading carmakers, last week made an announcement regarding the acquisition of Israeli battery start-up Algolion.
Following the acquisition, all of the company's employees will join General Motors' development center in Israel, which currently has a workforce of about 850 people.
Established in 2014, the company was founded by Dr. Niels Fleischer, a highly experienced entrepreneur and battery expert, and Dr. Alex Nimberger, an expert in all aspects of lithium-ion battery operating modes and effects analysis. Initially, the company relied on grants and partnerships for funding, until in 2021, it successfully secured $2 million in investment from the Mobilion Foundation.
Algolion specializes in developing software that addresses a significant concern associated with the growing utilization of lithium-ion batteries: the risk of fire and explosion. The start-up's software solution is designed to monitor the battery's condition and provide early warnings in the event of a potential ignition or explosion. By continuously measuring data such as voltage and current, the software employs algorithms and analyzes patterns over time. Consequently, if any fluctuations or irregularities predictive of a problem are detected, the system can promptly issue alerts.
General Motors envisions that Algolion's advanced technology will significantly improve the safety of electric vehicles. The Israeli company's cutting-edge tech is believed to surpass analogous systems by accurately detecting battery issues several weeks in advance, and as such, it offers a high level of protection, significantly enhancing the safety of electric vehicles.
This article originally appeared here and is reposted with permission.
Isranomics.com is a website that takes a unique look at Israel's economy, business, and innovations. It gives an overview of what's going on in the country's financial markets and provides its readers with useful information about Israeli companies that work in Israel and around the world. It is a good source of information for anyone who wants to get to know Israel from a non-political point of view.
