24M Raises $56.8M to Commercialize SemiSolid Battery Technology

24M raises $56.8M to commercialize SemiSolid battery technology.

24M announced it has raised a $56.8 million Series E to commercialize its simple, capital-efficient, low-cost SemiSolid™ manufacturing process and expand its technology development programs for grid storage and electric vehicle applications.

The financing was led by global trading company ITOCHU Corporation and as a part of the financing, Hiroaki Murase, General Manager of the Sustainable Energy Business Department, of ITOCHU will join 24M’s Board of Directors.

Also participating in the round were new investors Fujifilm Corporation and Mirai Creation Fund II along with previous investors, including Kyocera Corporation, Global Power Synergy Public Company Ltd (GPSC) and North Bridge Venture Partners.

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24M’s innovative SemiSolid™ manufacturing platform delivers market-leading price-performance. SemiSolid™ electrodes use no binder, mixing electrolyte with active materials to form a clay-like slurry with unique attributes.

As a result, the 24M process eliminates the need for a significant amount of inactive materials and capital-intensive processes like drying and electrolyte filling, thus dramatically reducing manufacturing cost.

Naoki Ota, President and CEO of 24M.

We, along with our licensee partners, have made tremendous progress commercializing the SemiSolid™ platform over the past year.

“During that time we have been able to substantially improve the performance and safety of our cells while our license partners, Kyocera and GPSC, have expanded their commercial operations.”

Hiroaki Murase.

“We continue to see rapidly increasing demand for lithium-ion batteries due to accelerating growth in electric vehicles and renewable energy, and the SemiSolid™ platform offers the best combination of cost and performance to address that need.

“Through this investment and our ongoing partnership with 24M, ITOCHU will continue its activities to find partners to rapidly expand the global production of SemiSolidTM lithium-ion batteries.”

24M Raises $56.8M to Commercialize SemiSolid Battery Technology, CAMBRIDGE, Mass., May 17, 2021