Cambridge, Massachusetts-based 24M has raised $21.8 million in Series D funding, which it will use to accelerate production of its SemiSolid lithium-ion cells for the EV market. Ceramics manufacturer Kyocera and global trading firm Itochu led the financing round. Previous investors, including North Bridge Venture Partners, also participated.
24M introduced its SemiSolid battery design in 2015, and has since used its own pilot facility to advance its cell design and production readiness. The company’s next goal is to bring its approach to battery manufacturing to global scale.
24M’s SemiSolid process uses electrolyte as the processing solvent, which the company says eliminates capital- and energy-intensive steps such as drying, solvent recovery, calendaring and electrolyte filling. 24M uses differentiated cell designs to reduce the need for inactive materials (copper, aluminum and separator), resulting in lower manufacturing costs.
“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 24M CEO Rick Feldt. “We recognize the importance of a high-performance, low-cost solution to a market moving towards regional production, and are ready to scale our cells and manufacturing process.”