24M Raises $87 Million in Series H Preferred Investment Round

Strong Valuation Underscores Significant Confidence in 24M Innovations and Accelerating Progress toward Mass Production and Commercialization

CAMBRIDGE, Mass.--(BUSINESS WIRE)--24M today announced it has closed an $87 million investment round. This Series H Preferred Stock financing led by Nuovo+, a 24M strategic partner and licensee, values the company at $1.3 billion post-money.

24M delivers revolutionary battery innovations that overcome critical, decades-old industry challenges. By reinventing today’s battery technologies and manufacturing methods, its chemistry-agnostic battery design, process, and platform reduce manufacturing costs while significantly improving safety, range, cost, performance, and recyclability.

This new investment brings 24M total funding to over $500 million and will help accelerate the commercialization and mass production of 24M offerings, most notably with the acquisition and opening of a new R&D and pilot manufacturing plant in Rayong, Thailand. In addition to Nuovo+, other strategic investors in this round include Kyocera Corporation, ASAHI Kasei, Dai Nippon Printing Company (DNP), Lucas TVS and Mitsui O.S.K. Lines.

“24M has set forth to radically improve how the world manufactures and utilizes batteries, foremost with industry-leading safety, range, recyclability and performance,” said Naoki Ota, 24M President and CEO. “This investment underscores the confidence and value our partners and investors have in 24M and our vision for a better energy future. It puts us on the path to more quickly bring our groundbreaking innovations to market for the benefit of consumers and our partners alike.”

About 24M

24M answers the world’s need for affordable energy storage by offering a revolutionary battery manufacturing and product design technology set enabled by the 24M SemiSolid™ and Unit Cell manufacturing platform. By re-inventing today’s battery products and manufacturing methods, 24M solves the critical, decades-old challenge associated with the world’s preferred energy storage products and technologies: reducing their high cost while improving their performance, safety and recyclability. 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.

24M® is a registered trademark of 24M Technologies, Inc.