24M announced it has raised a $21.8 million Series D to accelerate the deployment of what the company says is 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 global trading company, ITOCHU Corp. Also participating in the round were previous investors, including North Bridge Venture Partners.
24M introduced its SemiSolid lithium-ion battery design in 2015. 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.
“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 toward 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 Corp. “Through this investment, ITOCHU is excited to be working closely with 24M to promote the global production of next-generation SemiSolid lithium-ion batteries.”