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© melpomenem dreamstime.com Business | December 17, 2018

24M raises $21.8M to accelerate development and deployment

24M say it has raised a USD 21.8 million Series D to accelerate the deployment of its simple, capital-efficient, low-cost manufacturing process as well as the development of 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 (which Evertiq reported on separately). Also participating in the round were previous investors, including North Bridge Venture Partners. 24M introduced its SemiSolid lithium-ion battery design back in 2015, and has since leveraged its own semi-automated pilot facility to advance both cell design and production readiness. The company says that it is now ready to globally scale its 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, the company explains in a press release.
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December 03 2019 10:29 pm V14.8.2-2