24M was founded in 2010 and emerged from stealth in June 2015.
24M answers the world’s need for affordable energy storage through a new, cost-effective class of the lithium-ion battery, powered by revolutionary semisolid lithium-ion technology. By reinventing the design of the battery cell, as well as the battery manufacturing process, 24M solves the critical, decades-old challenge associated with the world’s preferred energy storage chemistry: reducing its high cost while bettering its performance.
About Semisolid Lithium-Ion:
An invention in the MIT lab of Dr. Yet-Ming Chiang, 24M’s semisolid lithium-ion electrode enables a more efficient design of the lithium-ion battery. Semisolid electrodes are thicker than conventional lithium-ion electrodes and carry several times higher capacity per area.
24M has a number of strategic industrial partners including IHI and GPSC, the power arm of PTT Group.
24M was founded and is led by some of the battery industry’s foremost inventors, scientists and entrepreneurs.
- Yet-Ming Chiang, Chief Scientist, Co-Founder
- Rick Feldt, President, CEO & Chairman
- Richard G. Chleboski, CFO
- Naoki Ota, CTO
- Dan Russell, VP of Operations
Funding: 24M has raised $50 million in private capital (Series A and B rounds) from venture firms Charles River Partners and North Bridge and industrial partners. The Company has also received a $4.5 million grant from U.S. Department of Energy.