24M announces the raising of $56.8 million to commercialize its low-cost semi-solid lithium battery manufacturing process.
This will enable the company to expand its development programs for grid storage and electric vehicle applications.
24M financed at $56.8 million
24M announces $56.8 million in financing for its new semi-solid lithium-ion battery manufacturing process.
The financing was led by international trading company ITOCHU Corp.
New investors such as Fujifilm Corporation and Mirai Creation Fund II also participated in the round.
Former investors included Kyocera Corporation, Global Power Synergy Public Company Ltd (GPSC) and North Bridge Venture Partners.
24M is an American start-up specializing in affordable energy storage.
It offers a simpler, more reliable, more efficient and, above all, less expensive battery manufacturing process and platform.
Developing affordable battery technology
“We continue to see a rapid increase in demand for lithium-ion batteries due to the accelerating growth of electric vehicles and renewable energies, and the SemiSolid platform offers the best combination of cost and performance to meet this need,” said ITOCHU’s Sustainable Energy Business Director Hiroaki Murase, who will join 24M’s Board of Directors for the occasion.
24M’s new semi-solid electrode technology offers a price/performance ratio unmatched on the market.
Integrated with an innovative manufacturing process, this technology significantly eliminates the cost of manufacturing lithium-ion batteries.
Their manufacture is no longer capital-intensive, nor does it require large quantities of inactive materials.
