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24M finalizes deal with Volkswagen Group to partner on next-gen EV battery manufacturing; new VW subsidiary

24M Technologies, Inc. (24M) has finalized its deal, announced in December 2021 (earlier post) with Volkswagen Group (VWAG). Through the strategic partnership, Volkswagen will manufacture next-generation lithium-ion EV batteries using the 24M SemiSolid platform for use in Group electric vehicles.

Volkswagen Group acquired a 25% stake in 24M and will establish a wholly-owned subsidiary that will, in cooperation with 24M, develop a SemiSolid battery cell production technology for automotive applications.

Volkswagen AG invested a three digit millions of US dollars in 24M’s Series F funding round and will make additional investments promoting automotive developments based on the 24M core technology. Additionally, Dr. Steffen Blase, Head of Group Mergers & Acquisitions at Volkswagen AG, will join 24M’s Board of Directors.

The SemiSolid manufacturing platform offers the potential to substantially reduce capital and operating costs. Through our newly established subsidiary and our strategic partnership with 24M, we are focused on bringing the SemiSolidTM platform to automotive applications and believe we can develop cost-effective processes to meet the increasing demand for EVs.

—Steffen Blase

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