24M Technologies Finalizes Deal With Volkswagen Group to Partner on Next-Gen EV Battery Manufacturing

CAMBRIDGE, Mass.--(BUSINESS WIRE)--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 SemiSolid^TM 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 SemiSolid^TM 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 SemiSolid^TM 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 SemiSolid^TM 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 SemiSolid^TM batteries and help 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).