24M Technologies, Inc. has announced the establishment of a new research and development (R&D) and manufacturing facility in Rayong, Thailand. The 71,000-square-foot (6,600-square-meter) facility, co-developed with and purchased from Nuovo+, a 24M partner and licensee, is fully integrated and capable of producing up to 100 MWh of 24M SemiSolid™ battery cells.
The new facility is designed to accelerate the commercialization of 24M’s battery technologies and enhance the company’s ability to work closely with its global partners. Pilot production has already begun for a leading mobility OEM based in India, with first validation samples expected to be delivered this fall.
Naoki Ota, President and CEO of 24M, stated that the Rayong facility provides an ideal platform to demonstrate the commercial capabilities and innovations within 24M’s battery technology portfolio. The facility will showcase various technologies, including 24M SemiSolid, 24M Liforever™, 24M Impervio™, Unit Cell and 24M ETOP™, as well as lithium metal batteries.
In conjunction with this development, Nuovo+, an affiliate of PTT and Global Power Synergy PLC (GPSC), will invest $51.1 million in 24M Technologies through the purchase of preferred stock as part of a recent Series H financing. This investment comes from the proceeds of the sale of the facility to 24M.
The new facility is expected to play a critical role in demonstrating the safety, cost, range and recycling advantages of 24M’s technology portfolio, ultimately accelerating the commercialization of its products in the global marketplace.
Source: 24M Press Release
