Home / Businesswire / 24M Raises $21.8M to Accelerate SemiSolid Battery Development and Deployment

24M Raises $21.8M to Accelerate SemiSolid Battery Development and Deployment

Series D Funds to Scale Lithium-ion Battery Production and Develop
Affordable and Advanced, High Energy Density EV Solutions

CAMBRIDGE, Mass.–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/EV?src=hash" target="_blank"gt;#EVlt;/agt;–24M
announced today it has raised a $21.8 million Series D to accelerate the
deployment of its simple, capital-efficient, low-cost manufacturing
process and the development of differentiated, high energy density
lithium-ion cells for the EV market.

The financing was led by advanced ceramics manufacturer Kyocera Group
and leading global trading company, ITOCHU Corporation. Also
participating in the round were previous investors, including North
Bridge Venture Partners.

24M introduced its novel SemiSolid lithium-ion battery design in 2015,
and has since leveraged its own semi-automated pilot facility to
substantially advance both cell design and production readiness. 24M is
now ready to globally scale its unique, capital-efficient, low-cost
approach to advanced lithium-ion battery manufacturing.

The SemiSolid process, which uses electrolyte as the processing solvent,
eliminates capital and energy intensive steps like drying, solvent
recovery, calendaring and electrolyte filling. 24M leverages the process
via differentiated cell designs, eliminating the need for significant
inactive material (copper, aluminum and separator), resulting in both a
structural bill of materials advantage and a lower cost to manufacture.
Further, the incorporation of electrolyte during the binderless slurry
mixing process presents unique approaches to high energy density cell
designs that have heretofore been impossible to explore.

“We’ve been working diligently to advance our innovative technology and
manufacturing process to address both the low-cost grid market, and,
more recently, the high energy density requirements of the EV market,”
said Rick Feldt, President and CEO of 24M. “We recognize the importance
of a high-performance, low-cost solution to a market moving towards
regional production, and are ready to scale our cells and manufacturing
process.”

“Demand for lithium-ion batteries is escalating rapidly due to
increasing interest in electric vehicles and renewable energy, and the
differentiated 24M manufacturing process and radical approach to cell
design offers a powerful solution to cost-effectively respond to this
need with a superior product,” said Koji Hasegawa, General Manager,
Industrial Chemicals Department of ITOCHU Corporation. “Through this
investment, ITOCHU is excited to be working closely with 24M to promote
the global production of next-generation SemiSolid lithium-ion
batteries.”

About 24M
24M answers the world’s need for affordable energy
storage by enabling a new, more cost-effective solution–SemiSolid
lithium-ion technology. By re-inventing the design of the battery cell
as well as the manufacturing method, 24M solves the critical,
decades-old challenge associated with the world’s preferred energy
storage chemistry: reducing its high cost while improving its
performance. Founded and led by some of the battery industry’s foremost
inventors, scientists and entrepreneurs, 24M is headquartered in
Cambridge, Mass. For more information, please visit www.24-m.com.

Contacts

Media:
Stephanie Malkus for 24M
[email protected]
314-920-6125