CAMBRIDGE, MA, 24M announced today it has raised a $21.8 million Series D led by Kyocera Group and ITOCHU.
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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."
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.