24M, a battery technology company developing advanced lithium-ion batteries with a “semi-solid” electrode design, has closed an $87 million Series H Preferred Stock investment round. The financing, led by strategic partner and licensee Nuovo+, values the company at $1.3 billion post-money. This round brings 24M’s total funding to over $500 million.
The company’s mission is to advance battery manufacturing and design through its proprietary technology platform. 24M’s innovations aim to reduce production costs while improving battery safety, range, performance and recyclability.
Funds from this investment will be used to accelerate commercialization and scale production. A key development is the acquisition and establishment of a new R&D facility and pilot manufacturing plant in Rayong, Thailand.
Other strategic investors in the round included Kyocera Corporation, ASAHI Kasei, Dai Nippon Printing Company (DNP), Lucas TVS and Mitsui O.S.K. Lines.
24M’s core technology revolves around its SemiSolid™ and Unit Cell manufacturing platform, which is designed to address persistent challenges in the battery industry. Headquartered in Cambridge, Massachusetts, the company was founded by prominent battery industry experts and entrepreneurs.
Naoki Ota, President and CEO of 24M, said the investment reflects the confidence investors have in the company’s approach to improving energy storage solutions. He emphasized their commitment to developing batteries that offer superior safety, range, recyclability and performance.
Source: 24M Technologies
