24M Awarded $3.8 Million Contract by USABC

The Investment Will Support the Development of Low-cost, Fast-charging EV Batteries Using 24M SemiSolid^TM Electrode Technology

CAMBRIDGE, Mass.--(BUSINESS WIRE)--24M announced today that it has been awarded a $3.8 million contract from the United States Advanced Battery Consortium LLC (USABC).

The two-year project, which includes a 50 percent cost share, will focus on the development of a low-cost, fast-charging EV battery technology. Using its SemiSolid^TM manufacturing and product design platform, 24M will create lithium-metal cells for electric mobility applications with a targeted cost of less than $75/kWh and the ability to charge to 80% in 15 minutes or less.

“The continued growth of the EV industry requires lower-cost, faster-charging batteries. 24M is uniquely positioned to meet this need because of the SemiSolid cell structure and manufacturing advantages,” said 24M CEO and President, Naoki Ota. “We look forward to supporting USABC’s mission to develop the storage technologies that advance the commercialization of next-generation EV applications through this contract.”

The SemiSolid manufacturing platform could reduce lithium metal cells' bill of materials cost by 25% compared to cells with traditionally cast cathodes because of the ultra-thick electrodes.

USABC is a subsidiary of the United States Council for Automotive Research LLC (USCAR), which was enabled by a cooperative agreement with the U.S. Department of Energy (DOE), USABC’s mission is to develop electrochemical energy storage technologies that advance the commercialization of next-generation EV applications. In support of its mission, USABC has developed mid- and long-term goals to guide its projects and measure its progress.

About 24M

24M answers the world’s need for affordable energy storage by enabling a new, more cost-effective solution – the SemiSolid™ manufacturing platform. 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 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 USCAR

USCAR is the collaborative automotive technology company for Ford Motor Company, General Motors and Stellantis. The goal of USCAR is to further strengthen the technology base of the domestic auto industry through cooperative research and development. For more information, visit www.uscar.org.

All USCAR Member companies have joined in becoming signatories of the Responsible Raw Materials Initiative (RRMI, now part of the Responsible Minerals Initiative, RMI) Declaration of Support.