CAMBRIDGE, Mass.--(BUSINESS WIRE)--On schedule, 24M has successfully delivered an initial quantity of production-size battery cells to NEC Energy Solutions, Inc. (NEC ES), meeting the terms of the Memorandum of Understanding (MoU) the two companies signed last year at this time.
“This is a significant milestone for 24M, and meeting the deadlines set forth in the MOU reflects our commitment to a productive partnership with NEC Energy Solutions,” said Chris Campbell, chief marketing officer at 24M. “We look forward to working with the NEC ES team through this testing and validation phase as we also prepare the next delivery milestone in early 2017.”
On October 13, 2015, 24M and NEC ES announced the signing of an MoU whereby 24M agreed to supply its semisolid lithium-ion cells for use in NEC ES’ integrated storage systems. Unlike traditional lithium-ion batteries, the 24M battery cells are optimized to withstand the rigors of the long cycle and calendar life required by grid-scale energy storage and other high-performance applications. In addition, the new 24M cell design enables innovations in manufacturing that cut today’s lithium-ion battery costs by up to 50%.
“The market for energy storage solutions is growing rapidly, but cost remains a significant factor for many customers,” said Bud Collins, CEO of NEC ES. “With 24M semisolid lithium-ion battery cells, NEC ES will be able to include better batteries for a better price in our next generation energy storage systems.”
NEC ES, a subsidiary of NEC Corporation, is committed to providing customers with smart energy storage solutions for electric grid, backup power and lead-acid replacement applications with system integration expertise focusing on high performance, efficiency, safety and reliability. Working with 24M and its next-generation semisolid lithium-ion technology underscores NEC ES’ commitment to pursuing next-generation solutions that provide customers with best-in-class energy storage solutions.
24M answers the world’s need for affordable energy storage by enabling a new, more cost-effective solution –semisolid lithium-ion technology. By re-inventing the design of the battery cell as well as the manufacturing method, 24M solves the critical, decades-old challenge associated with the world’s preferred energy storage chemistry: reducing its high cost while bettering its performance. Founded and led by some of the battery industry’s foremost inventors, scientists and entrepreneurs, 24M is headquartered in Cambridge, Mass. For more information, please visit www.24-m.com.