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Volkswagen Group acquires 25% stake in 24M, will use its SemiSolid battery platform

Volkswagen Group and Cambridge, Massachusetts-based battery developer 24M Technologies have formed a strategic partnership under which VW will manufacture EV batteries using 24M’s SemiSolid platform. VW has acquired a 25% stake in 24M, and will establish a wholly-owned subsidiary that will collaborate with 24M to develop SemiSolid battery cell production technology for automotive applications.

“The SemiSolid manufacturing platform offers the potential to substantially reduce capital and operating costs,” said Dr. Steffen Blase, Head of Group Mergers and Acquisitions at Volkswagen. “Through our newly established subsidiary and our strategic partnership with 24M, we are focused on bringing the SemiSolid platform to automotive applications, and believe we can develop cost-effective processes to meet the increasing demand for EVs.”

“Our collaborative partnership with VW will help significantly expand the global reach of SemiSolid batteries, and help fast track electric vehicle adoption,” says 24M CEO Naoki Ota.

Source: 24M Technologies

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