24M Raises $87 Million in Series H Preferred Investment Round.
24M today announced it has closed an $87 million investment round. This Series H Preferred Stock financing led by Nuovo+, a 24M strategic partner and licensee, values the company at $1.3 billion post-money.
24M delivers revolutionary battery innovations that overcome critical, decades-old industry challenges. By reinventing today’s battery technologies and manufacturing methods, its chemistry-agnostic battery design, process, and platform reduce manufacturing costs while significantly improving safety, range, cost, performance, and recyclability.
This new investment brings 24M total funding to over $500 million and will help accelerate the commercialization and mass production of 24M offerings, most notably with the acquisition and opening of a new R&D and pilot manufacturing plant in Rayong, Thailand. In addition to Nuovo+, other strategic investors in this round include Kyocera Corporation, ASAHI Kasei, Dai Nippon Printing Company (DNP), Lucas TVS and Mitsui O.S.K. Lines.
Naoki Ota, 24M President and CEO, said:
24M has set forth to radically improve how the world manufactures and utilizes batteries, foremost with industry-leading safety, range, recyclability and performance.
“This investment underscores the confidence and value our partners and investors have in 24M and our vision for a better energy future. It puts us on the path to more quickly bring our groundbreaking innovations to market for the benefit of consumers and our partners alike.”
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24M Raises $87 Million in Series H Preferred Investment Round. source
