24M Technologies
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24M Technologies Finalizes Deal With Volkswagen Group to Partner on Next-Gen EV Battery Manufacturing
24M Technologies, Inc. (24M) today announced it has closed its deal with Volkswagen Group (VWAG). Through the strategic partnership VWAG will manufacture next-generation lithium-ion EV batteries using the 24M SemiSolid™ platform for use in VWAG electric vehicles (EVs). VWAG acquired a 25% stake in 24M and will establish a wholly owned subsidiary that will, in cooperation with 24M, develop a SemiSolidTM battery cell production technology for automotive applications.
VWAG invested a three digit millions of U.S. 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 SemiSolidTM manufacturing platform offers the potential to substantially reduce capital and operating costs,” commented Dr. Blase. “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.”
“Through strategic partnerships with energy innovators like GPSC, Kyocera, AXXIVA, Lucas TVS, FREYR, Koch Strategic Platforms and now VWAG, 24M has built an ecosystem to rapidly scale the SemiSolidTM manufacturing platform and develop a better, cleaner energy future,” says 24M President and CEO, Naoki Ota. “Our collaborative partnership with VWAG will help significantly expand the global reach of SemiSolidTM batteries and help fast track electric vehicle adoption.”