24M announced it had closed an $87 million investment round. This Series H Preferred Stock funding led by Nuovo+, a 24M strategic partner and licensee, values the company at $1.3 billion post-money.
The company delivers transformative battery innovations that overcome critical, decades-old industry challenges. And 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 funding brings 24M total funding to over $500 million and will help accelerate the commercialization and mass production of 24M offerings, notably with the acquisition and opening of a new R&D and pilot manufacturing plant in Rayong, Thailand. Along with 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.
24M battery manufacturing and product design technology set is enabled by the 24M SemiSolid and Unit Cell manufacturing platform. And by reinventing battery products and manufacturing methods, 24M solves the critical, decades-old challenge associated with the world’s preferred energy storage products and technologies: reducing their high cost while improving their performance, safety and recyclability. Launched and led by some of the battery industry’s foremost inventors, scientists and entrepreneurs, 24M is based in Cambridge, Mass.
KEY QUOTE:
“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.”
- Naoki Ota, 24M President and CEO
