24M has announced that it has raised a $21.8 million Series D to accelerate the deployment of its high energy density lithium-ion cells for the EV market.
The financing was led by advanced ceramics manufacturer Kyocera Group and leading global trading company, ITOCHU Corporation. Also participating in the round were previous investors, including North Bridge Venture Partners.
24M introduced its novel SemiSolid lithium-ion battery design in 2015, and has since leveraged its own semi-automated pilot facility to substantially advance both cell design and production readiness.
The company is now ready to globally scale what it claims unique, capital-efficient, low-cost approach to advanced lithium-ion battery manufacturing.
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 that have heretofore been impossible to explore.
Source: Press Release