Volkswagen Group and 24M Technologies to Partner on Next-Gen EV Battery Manufacturing

 Relationship Includes Worldwide License, Joint Development Agreement, and Significant Investment in 24M and its SemiSolid™ Manufacturing Platform

WOLFSBURG, Germany & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Volkswagen Group (VWAG) and 24M Technologies, Inc. (24M) today announced they have entered into a strategic partnership to manufacture next-generation lithium-ion EV batteries using the 24M SemiSolid™ platform. The partnership is focused on the development of production technology for SemiSolid^TM battery cells for use in VWAG electric vehicles (EVs).

As part of the partnership, VWAG will make a strategic investment into 24M. In addition to the direct investments, VWAG will establish a wholly owned subsidiary that will, in cooperation with 24M, develop a SemiSolid^TM battery cell production technology for automotive applications.

With EV demand on the rise, carmakers need battery solutions that are beyond R&D and can be implemented immediately and cost effectively. The SemiSolid^TM manufacturing platform delivers on both. Through strategic partnerships with energy innovators like GPSC, Kyocera, AXXIVA, LucasTVS, FREYR, Koch Strategic Platforms and now VWAG, 24M has built an ecosystem to rapidly scale the SemiSolid^TM manufacturing platform.

“Volkswagen is implementing its battery strategy very consistently and at a high pace,” said Thomas Schmall, Member of the Board of Management of Volkswagen Group for Technology and CEO of Volkswagen Group Components. “The Volkswagen unified cell must be at the forefront of performance, costs and sustainability right from the start. With our new partners, we are taking the next step closer to this goal. Together, we will approach key parts of the battery value chain and develop cutting-edge technologies.”

“The 24M mission is to develop a better, cleaner energy future powered by SemiSolid^TM technology,” says 24M President and CEO, Naoki Ota. “Our relationship with Volkswagen significantly expands the 24M ecosystem. Their investment, collaborative development and ability to scale globally will accelerate the SemiSolid^TM manufacturing platform to replace the conventional manufacturing process and fast track electric vehicle adoption.”

About 24M Technologies

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 improving its safety, reliability, and 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.

​​About Volkswagen Group

The Volkswagen Group, with its headquarters in Wolfsburg, is one of the world's leading automobile manufacturers and the largest carmaker in Europe. Ten brands from seven European countries belong to the Group: Volkswagen Passenger Cars, Audi, SEAT, ŠKODA, Bentley, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN. The passenger car portfolio ranges from small cars all the way to luxury class vehicles. Ducati offers motorcycles. In the light and heavy commercial vehicles sector, the products range from pick-ups to buses and heavy trucks. Every weekday, 662,600 employees around the globe are involved in vehicle-related services or work in other areas of business. The Volkswagen Group sells its vehicles in 153 countries.

In 2020, the total number of vehicles delivered to customers by the Group globally was 9.31 million (2019: 10.98 million). Group sales revenue in 2020 totaled EUR 222.9 billion (2019: EUR 252.6 billion). Earnings after tax in 2020 amounted to EUR 8.8 billion (2019: EUR 14.0 billion).