24M has raised $56.8 million in Series E funding to commercialize its SemiSolid manufacturing process and expand its technology development programs for grid storage and EV applications.
The company says its SemiSolid electrodes use no binder, mixing electrolyte with active materials to form a clay-like slurry with unique attributes. As a result, the 24M process reduces cost by eliminating the need for many inactive materials and processes like drying and electrolyte filling.
“We, along with our licensee partners, have made tremendous progress commercializing the SemiSolid platform over the past year,” said CEO Naoki Ota. “During that time we have been able to substantially improve the performance and safety of our cells while our license partners, Kyocera and GPSC, have expanded their commercial operations.”