24M raised a $56.8-million Series E to commercialize its simple, capital-efficient, low-cost SemiSolid manufacturing process (earlier post) and expand its technology development programs for grid storage and electric vehicle applications.
The financing was led by global trading company ITOCHU Corporation and as a part of the financing, Hiroaki Murase, General Manager of the Sustainable Energy Business Department, of ITOCHU will join 24M’s Board of Directors. Also participating in the round were new investors Fujifilm Corporation and Mirai Creation Fund II along with previous investors, including Kyocera Corporation, Global Power Synergy Public Company Ltd (GPSC) and North Bridge Venture Partners.
24M’s innovative SemiSolid manufacturing platform delivers market-leading price-performance. 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 eliminates the need for a significant amount of inactive materials and capital-intensive processes like drying and electrolyte filling, thus dramatically reducing manufacturing cost.