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24M secured $87 million in Series H funding to expand its battery innovation and production capabilities, including the development of a new R&D facility in Thailand. The company’s SemiSolid™ battery technology offers safer, more efficient, and scalable solutions for industries such as electric vehicles and energy storage. Strategic partnerships with global companies further strengthen 24M’s market position and accelerate commercialization.
The Investment That Sets 24M Apart
24M recently closed an $87 million Series H funding round, led by its strategic partner Nuovo+, alongside other notable investors, including Kyocera Corporation, ASAHI Kasei, Dai Nippon Printing Company (DNP), Lucas TVS, and Mitsui O.S.K. Lines. This brings the company’s total funding to over $500 million, valuing 24M at $1.3 billion post-investment. The funding emphasizes growing investor confidence in 24M’s battery innovation, specifically its SemiSolid™ manufacturing platform, as the company aims to push forward with commercial-scale production.
This investment enables 24M to expand its development efforts, scale production capabilities, and accelerate time-to-market for its energy storage solutions. The company continues to receive strong support due to its unique approach to solving core industry challenges such as performance, safety, and recyclability.
Why the Future of Energy Storage Depends on 24M’s Technology
24M’s technology is based on the SemiSolid™ platform, a major shift from traditional lithium-ion battery manufacturing. Unlike conventional methods, the SemiSolid™ platform eliminates the need for binders and liquid electrolytes, instead utilizing a clay-like slurry. This reduces the overall complexity of the manufacturing process and enhances performance across key parameters, including cost efficiency, safety, energy density, and environmental impact.
The SemiSolid™ process also results in thicker electrodes, leading to higher energy storage within a smaller footprint. The streamlined approach means fewer processing steps, allowing for faster production times and lower costs without sacrificing reliability. With the demand for affordable, safe, and scalable energy storage solutions growing, 24M’s platform is set to impact industries from electric mobility to grid-scale energy storage.
A Strategic Move: Expansion into Thailand’s Battery Market
To expand its global production capacity, 24M has announced a new R&D and pilot manufacturing facility in Rayong, Thailand. This 71,000-square-foot facility, co-developed with Nuovo+, will produce up to 100 MWh of 24M SemiSolid™ battery cells annually. The plant represents a significant step forward for 24M’s ability to transition from innovation to large-scale commercialization.
The Thailand facility will not only support global partners but also position 24M to better serve the growing demand for electric vehicle (EV) and energy storage solutions in Southeast Asia. The site has already begun pilot production for a leading mobility OEM in India, with initial validation samples expected to be delivered by the end of the year.
Partners That Propel 24M to the Forefront of Innovation
24M’s growth is driven by partnerships with several leading global companies. Nuovo+, a key partner and licensee, plays a pivotal role in the development of the Rayong facility and the expansion of 24M’s SemiSolid™ battery platform. Other strategic partners, such as Kyocera Corporation and Dai Nippon Printing Company (DNP), contribute to advancing the development and commercialization of 24M’s products.
These collaborations go beyond financial support. They enable 24M to leverage additional resources for R&D, scale production more efficiently, and explore new applications for its battery technology in electric mobility and energy storage. The collective expertise of these partners strengthens 24M’s position in the industry and accelerates its growth trajectory.
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SemiSolid™ Technology: A Game Changer for Electric Vehicles and Beyond
The SemiSolid™ battery technology developed by 24M offers numerous advantages, particularly for electric vehicles (EVs) and energy storage systems (ESS). One of the key differentiators is the increased safety that SemiSolid™ batteries provide, reducing the risk of thermal runaway that can occur in conventional lithium-ion cells. This enhanced safety is particularly critical for EV applications, where high power demands and long battery life are required.
The technology’s recyclability further enhances its appeal, aligning with growing global efforts to minimize electronic waste and create more sustainable supply chains. With greater energy density, SemiSolid™ batteries can store more energy, providing longer driving ranges for EVs and more efficient energy storage solutions for utilities and industrial users.
From Innovation to Commercialization: What’s Next for 24M?
The Series H funding enables 24M to focus on transitioning its technologies from development to full-scale commercial production. The new Thailand facility will play a key role in this transition, with its pilot-scale production paving the way for more extensive manufacturing operations in the future. The company is focused on expanding its production capacity globally to meet increasing demand in sectors like EVs, aerospace, and grid energy storage.
While 24M continues to develop its core SemiSolid™ platform, it is also looking into further technological advancements to optimize battery performance and cost-effectiveness. This could include improvements in cycle life, energy density, and expanding applications for other industries.
Securing a Strong Foothold in the Global Energy Market
With the Series H investment and the opening of its Thailand facility, 24M solidifies its role as a leading innovator in the energy storage market. The company’s focus on improving battery safety, reducing production costs, and ensuring recyclability has positioned it as a key player in addressing the world’s growing energy needs.
As the demand for electric vehicles and renewable energy storage solutions rises globally, 24M’s SemiSolid™ platform offers a scalable, efficient, and environmentally friendly solution. With strategic partnerships and continued innovation, the company is well-positioned to shape the future of energy storage and contribute to a more sustainable energy landscape.
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