24M Selected as a 2017 Global Cleantech 100 Company

CAMBRIDGE, Mass. – February 3, 2017 – The Cleantech Group (CTG) announced on January 23, 2017 that lithium-ion battery manufacturer 24M has been selected as a 2017 Global Cleantech 100 company. The list is a barometer of the global innovation community’s views on which companies are most likely to have significant commercial impact in the next 5-10 years. These companies represent the most promising ideas in the cleantech industry and are best positioned to solve society’s clean technology challenges. 24M was selected for its breakthrough semisolid lithium-ion platform, an innovation in battery design and manufacturing that produces a better battery at lower cost.

“We are thrilled to be back on the Global Cleantech 100 list after our first appearance in 2011,” said Throop Wilder, CEO and Co-founder of 24M. “We have made significant progress over the past six years and are excited to be recognized by Cleantech Group as we move into the commercialization phase of our technology. Being surrounded by 99 other forward-thinking companies is an added honor as we all work to drive society towards a cleaner, more sustainable future.”

24M and the other 2017 Global Cleantech companies were recognized at the annual Cleantech Forum in San Francisco, CA last week. Industry experts came together to share perspectives on new technologies, innovative business models and investment opportunities during the 3-day event.

24M was chosen as one of the 100 top cleantech companies by a committee of 100 expert panellists representing multi-national corporations active in technology and innovation scouting as well as leading financial investors in Asia, Europe and North America. The committee based its decisions on three criteria: level of innovation, market accessibility and ability to execute. Additional information on this year’s Cleantech 100 can be found here: https://i3connect.com/gct100.

About 24M
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 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 the Cleantech Group
Founded in 2002, Cleantech Group’s mission is to accelerate sustainable innovation. Core to this mission is i3, an online platform that connects corporates with innovation, at scale, by allowing them to find, vet, and connect with start-ups—efficiently building an innovation pipeline. The i3 platform comes to life at our global Events, which convene corporates and start-ups, along with other players shaping the future of sustainable innovation. Cleantech Group is headquartered in San Francisco and has offices in London. For more information, visit www.cleantech.com.

24M Technologies PR Contact:
James Westhafer, 610-733-0252
pr@24-m.com

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24M Delivers Initial Quantity of Production-size Semisolid Lithium-ion Cells to NEC Energy Solutions for Testing and Validation

CAMBRIDGE, Mass. – October 12, 2016 – On schedule, 24M has successfully delivered an initial quantity of production-size battery cells to NEC Energy Solutions, Inc. (NEC ES), meeting the terms of the Memorandum of Understanding (MoU) the two companies signed last year at this time.

“This is a significant milestone for 24M, and meeting the deadlines set forth in the MOU reflects our commitment to a productive partnership with NEC Energy Solutions,” said Chris Campbell, chief marketing officer at 24M. “We look forward to working with the NEC ES team through this testing and validation phase as we also prepare the next delivery milestone in early 2017.”

On October 13, 2015, 24M and NEC ES announced the signing of an MoU whereby 24M agreed to supply its semisolid lithium-ion cells for use in NEC ES’ integrated storage systems. Unlike traditional lithium-ion batteries, the 24M battery cells are optimized to withstand the rigors of the long cycle and calendar life required by grid-scale energy storage and other high-performance applications. In addition, the new 24M cell design enables innovations in manufacturing that cut today’s lithium-ion battery costs by up to 50%.

“The market for energy storage solutions is growing rapidly, but cost remains a significant factor for many customers,” said Bud Collins, CEO of NEC ES. “With 24M semisolid lithium-ion battery cells, NEC ES will be able to include better batteries for a better price in our next generation energy storage systems.”

NEC ES, a subsidiary of NEC Corporation, is committed to providing customers with smart energy storage solutions for electric grid, backup power and lead-acid replacement applications with system integration expertise focusing on high performance, efficiency, safety and reliability. Working with 24M and its next-generation semisolid lithium-ion technology underscores NEC ES’ commitment to pursuing next-generation solutions that provide customers with best-in-class energy storage solutions.

ABOUT 24M
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 bettering 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.

Contacts
For 24M
Sarah Mees, 978-409-2519
smees@tieronepr.com

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24M and Partners Awarded $3.5 Million from ARPA-E to Advance the Next Generation of Lithium-Ion Batteries

Funding Will Be Used to Develop Ultra-High-Energy Density Batteries Using 24M’s Novel Semisolid Electrodes with New Lithium-metal Anodes

CAMBRIDGE, Mass. – September 15, 2016 – 24M today announced that the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E) has awarded $3.5 million in funding to a team that includes 24M, Sepion Technologies, Berkeley Lab, and Carnegie Mellon University. The funds will be used to develop novel membranes and lithium-metal anodes for the next generation of high-energy-density, low-cost batteries.

24M’s core technology is semisolid lithium-ion, a new class of lithium-ion batteries that will be initially deployed in stationary storage. With this ARPA-E program, 24M and its partners will extend the capabilities of semisolid electrodes to ultra-high-energy density cells that use lithium-metal anodes. Lithium metal is recognized as an enabler of high-energy density in rechargeable batteries, but has heretofore not been sufficiently stable for aggressive long-life applications. 24M and its partners have identified a new approach to stabilizing the lithium-metal anode, which, when combined with the inherent cost advantages of semisolid lithium-ion technology, can realize the energy-density promise of lithium metal, safely and at low cost.

“As 24M nears commercial shipment of its first generation of energy storage products based on semisolid lithium-ion technology originally developed under ARPA-E support, we are excited to tackle a new grand challenge with partners Sepion Technologies, Berkeley Lab, and Carnegie Mellon University,” said Throop Wilder, CEO and Co-founder of 24M. “We look forward to bringing our team’s innovations to market in a new class of safe, ultra-high-energy density, ultra-low-cost batteries that will propel the energy revolution and enable the holy grail of EV ‘range euphoria.’”

24M received its competitive award from ARPA-E’s Integration and Optimization of Novel Ion Conducting Solids (IONICS) program. The program seeks to advance storage technologies by focusing on the parts of the electrochemical cell that conduct ions and concentrates on solid materials because of the potential for greatly enhanced performance and stability. Further details on the IONICS program can be found HERE.

ABOUT 24M
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 bettering 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.

Contacts
For 24M:
Sarah Mees, 978-409-2519
smees@tieronepr.com

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24M Selected as a 2016 Technology Pioneer by World Economic Forum

CAMBRIDGE, Mass. & TIANJIN, People’s Republic of China – June 27, 2016 – The World Economic Forum today announced that 24M has been named a 2016 Technology Pioneer, a prestigious award honoring the world’s most innovative companies. 24M was selected for its breakthrough semisolid lithium-Ion technology, an innovation in lithium-ion battery design and manufacturing that produces a better battery at a lower cost.

A sustainable, clean and thriving future for the planet requires a critical enabler – affordable energy storage. The novel semisolid lithium-ion technology from 24M is the first significant advancement in lithium-ion battery design in more than 20 years and will slash today’s lithium-ion costs by 50%, accelerating the global adoption of energy storage.

“Lithium-ion is the preferred chemistry for energy storage, but costs need to come down further to accelerate the transformation of our energy economy,” said Dr. Yet-Ming Chiang, Chief Scientist and Co-founder of 24M. “By simplifying the way batteries are designed, 24M makes it possible to produce low-cost batteries in a more modular, distributed fashion that is more responsive to supply and demand. Recognition by the World Economic Forum is significant validation of the 24M market opportunity and our progress to date.”

24M and the 2016 Technology Pioneers are being recognized at the World Economic Forum’s Annual Meeting of the New Champions being held this week in Tianjin, People’s Republic of China. Throop Wilder, President and CEO of 24M is participating in the event and facilitating several discussions about how energy storage addresses a number of different global challenges and opportunities.

“We welcome 24M to this group of extraordinary pioneers,” said Fulvia Montresor, Head of Technology Pioneers at the World Economic Forum. “24M is among those companies that help shape the Fourth Industrial Revolution, a technological revolution that will fundamentally alter the way we live, work and relate to one another. Through the platform of the World Economic Forum, 24M will be able to scale and share its technology and achieve a larger impact.”

24M was chosen as one of the 30 Technology Pioneers by a selection committee of 68 academics, entrepreneurs, venture capitalists and corporate executives from among hundreds of candidates. The committee based its decisions on criteria including innovation, potential impact, working prototype, viability and leadership. All information on this year’s Technology Pioneers can be found here: http://wef.ch/techpioneers.

ABOUT 24M
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 bettering 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 the World Economic Forum: The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas. (www.weforum.org).

Contact:
24M
Sarah Mees, 978-409-2519
smees@tieronepr.com
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USABC Awards $7 Million Contract to 24M to Develop Lower Cost EV Batteries, Manufacturing Process

SOUTHFIELD, Mich. – June 27, 2016 – The United States Advanced Battery Consortium LLC (USABC), a collaborative organization of FCA US LLC, Ford Motor Company and General Motors, today announced the award of a $7 million contract to 24M Technologies Inc. in Cambridge, Massachusetts, to leverage its breakthrough cell design and manufacturing process to deliver lower cost, automotive lithium-ion batteries, demonstrating their potential for mass production.

The competitively bid contract award is 50 percent cost share-funded by the U.S. Department of Energy (DOE).

The 36-month program will enable 24M Technologies to demonstrate that its novel electrode, cell and manufacturing approach can be scaled to mass production of automotive-capable, prismatic Li-ion cells that meet the USABC 2020 battery targets for electric vehicle applications.  The 24M approach leverages proven and emerging chemistries to produce Li-ion batteries with lower cost and less inactive materials content than existing Li-ion cells.

USABC is a subsidiary of the United States Council for Automotive Research LLC (USCAR). Enabled by a cooperative agreement with the U.S. DOE, USABC’s mission is to develop electrochemical energy storage technologies that support commercialization of hybrid, plug-in hybrid, electric and fuel cell vehicles. In support of its mission, USABC has developed mid- and long-term goals to guide its projects and measure its progress.  For more information, visit http://www.uscar.org/usabc

“The 24M Technologies contract award is part of USABC’s broad battery technology research and development programs,” said Steve Zimmer, executive director of USCAR. “Programs like this are critical to advancing the technology needed to meet both near- and long-term goals that will enable broader scale vehicle electrification.”

About DOE
The U.S. Department of Energy’s overarching mission is to advance the national, economic and energy security of the United States. DOE’s Vehicle Technologies Office works with industry, academia and national laboratories to develop advanced transportation technologies that reduce the nation's use of imported oil and increase its energy security. Electrochemical energy storage has been identified as a critical enabling technology for advanced, fuel-efficient, light and heavy-duty vehicles.

About USCAR
Founded in 1992, USCAR is the collaborative automotive technology company for FCA US LLC, Ford Motor Company and General Motors. 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.

Bloomberg New Energy Finance Selects 24M as a 2016 New Energy Pioneer

24M Recognized as a Game Changer in Clean Energy Technology and Innovation

NEW YORK & CAMBRIDGE, Mass. – April 4, 2016 – Bloomberg New Energy Finance today announced that 24M is one of ten companies selected as a 2016 New Energy Pioneer. Now in its seventh year, Bloomberg New Energy Finance’s New Energy Pioneer Award recognizes game-changing innovators revolutionizing the energy sector. 24M and the other 2016 winners will be recognized on stage at the ninth annual Bloomberg New Energy Finance 2016 Future of Energy Summit today in New York City.

“24M is honored to be recognized by Bloomberg New Energy Finance for our innovations in lithium-ion battery design and manufacturing,” said Throop Wilder, CEO of 24M. “This award is further validation that our unique approach to reinventing the lithium-ion battery, today’s leading energy-storage technology, can be a game changer as we transition to a clean energy economy.”

The New Energy Pioneer Award judges recognized 24M for its revolutionary new semisolid lithium-ion technology and the industry momentum it has achieved since launching less than a year ago. 24M addresses the $100B+ global market for affordable energy storage that is being fueled by the challenges of an aging grid infrastructure, integrating renewable energy sources and accelerating adoption of electric vehicles, among others. The 24M cell is the first significant advancement in lithium-ion battery design in more than 20 years and will slash today’s lithium-ion costs by 50% while improving life, safety and energy density.

The Bloomberg New Energy Finance awards program selects ten New Energy Pioneers each year from hundreds of applicants around the world. An independent panel of industry experts selected the winners using the following three criteria: innovation, demonstrated momentum and potential global scale.

Michael Wilshire, selection committee chair and head of analysis and transformation at Bloomberg New Energy Finance, said: “This year, we were impressed by the very strong set of candidates we received for the New Energy Pioneers program, and the range of activities that they cover – including solar, wind, storage, transport, bioenergy, energy smart technologies and machine learning.

“We were delighted to see the breadth of innovation that is happening in the industry and struck by the impact that those organizations could have on the energy system of the future. We are as always very grateful to our group of external judges on the selection committee who had the challenging task of narrowing the field of entries to a final set of 10 winners.”

Other 2016 winners include: Autogrid Systems, Emergya Wind Technologies, FirstFuel, Mobisol, Newlight Technologies, Sentient Science, SolarKiosk, Verdezyne and Vigilent.

For more information on the Pioneers program, visit: http://about.bnef.com/events-awards/new-energy-pioneers/. For more information on the Bloomberg New Energy Finance Summit, visit: http://about.bnef.com/summit/

ABOUT 24M
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 bettering 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 BLOOMBERG NEW ENERGY FINANCE
Bloomberg New Energy Finance (BNEF) provides unique analysis, tools and data for decision makers driving change in the energy system. With unrivalled depth and breadth, we help clients stay on top of developments across the energy spectrum from our comprehensive web-based platform. BNEF has 200 staff based in London, New York, Beijing, Cape Town, Hong Kong, Munich, New Delhi, San Francisco, São Paulo, Singapore, Sydney, Tokyo, Washington D.C., and Zurich.

New Energy Finance Limited was acquired by Bloomberg L.P. in December 2009, and its services and products are now owned and distributed by Bloomberg Finance L.P., except that Bloomberg L.P. and its subsidiaries (BLP) distribute these products in Argentina, Bermuda, China, India, Japan, and Korea. For more information on Bloomberg New Energy Finance:http://about.bnef.com, or contact us at sales.bnef@bloomberg.net for more information on our services.

ABOUT BLOOMBERG
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Professional service, which provides real time financial information to more than 325,000 subscribers globally

CONTACTS
24M
Sarah Mees, 978-409-2519
smees@tieronepr.com

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24M Selected as 2016 IHS CERAWeek Energy Innovation Pioneer

One Of Only Ten Companies Chosen for Its Potential to Transform the Energy Future

CAMBRIDGE, Mass. – February 1, 2016 – 24M has been named an Energy Innovation Pioneer by IHS, the leading source of insight, analytics and expertise in critical areas that shape today’s business landscape. Selected for its innovation in lithium-ion battery design and manufacturing, 24M will be featured at IHS CERAWeek taking place February 22-26 in Houston. 24M is one of just ten companies selected as an Energy Innovation Pioneer, which recognizes companies and entrepreneurs that are developing technologies and business plans that are transforming the energy future.

Affordable and plentiful energy storage is key to achieving the goals of the recent COP21 agreement and to realizing global economic growth fueled by clean, sustainable and secure energy. 24M’s breakthrough semisolid lithium-Ion technology is the critical accelerator, providing the architects of our energy future with ultra-low cost, high-energy, safe and long-life lithium-ion battery cells.

24M CEO, Throop Wilder, will share insights into the critical need for low cost energy as part of a session entitled “New power technologies: innovating to meet the climate change imperative” on Thursday, February 25th at 11:45 a.m. CST that will be chaired by Kristian Bodek, Director, for North American Power at IHS Energy and Co-chair of CERAWeek Energy Innovation Pioneers. Wilder will also share the 24M energy storage vision as part of the conference’s Pioneer Showcase program.

Bodek noted, “We selected 24M from a list of more than 350 potential companies because of its innovative approach to reinventing the design and manufacturing process behind lithium-ion battery cells, today’s leading energy storage chemistry, coupled with the company’s proven leadership team. We’re delighted to recognize 24M as a 2016 Energy Innovation Pioneer and trust that CERAWeek attendees will find the performance and cost profile of the 24M technology highly compelling.”

“This recognition from IHS and opportunity to participate in CERAWeek as a Technology Pioneer underscores the potential of our technology and team to help shape the new energy economy,” said Mr. Wilder. “We are looking forward to playing an active role in IHS CERAWeek and to ongoing collaboration with the global energy community as we transition to a clean, sustainable and secure energy future.”

24M Co-founder and Chief Scientist, renowned MIT battery researcher Dr. Yet-Ming Chiang, is also speaking at IHS CERAWeek as part of a panel entitled “Frontiers of Science & Innovation: Future Technologies to Meet the Energy & Climate Challenge.” The session is scheduled for 10:15 a.m. CST on Friday, February 26 and features other leading MIT faculty for a discussion of game-changing technologies and trends that have the potential to impact energy and climate change.

ABOUT 24M
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 bettering 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.

CONTACTS
24M
Sarah Mees, 978-409-2519
smees@tieronepr.com

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24M Signs MoU with NEC Energy Solutions

24M and NEC Also Collaborating on Next-generation Energy Storage Systems Using 24M’s Cells

CAMBRIDGE & WESTBOROUGH, MA – October 13, 2015 – 24M and NEC Energy Solutions, Inc. today announced the companies have signed a Memorandum of Understanding (MoU) whereby 24M has agreed to supply its semisolid lithium-ion cells for use in NEC Energy Solutions’ integrated storage systems. In addition, the companies will work together to ensure that supplied 24M cells enhance NEC system energy density, life and cost.

“Working together, NEC Energy Solutions and 24M will provide customers with high performance, 20-year battery life for reliable grid, off-grid and behind-the-meter solutions. We look forward to incorporating these breakthrough batteries into our best-in-class ESS deployments across the globe.”

Unlike traditional lithium-ion batteries, the 24M battery cells are optimized to withstand the rigors of the long cycle and calendar life required by grid-scale energy storage and other high-performance applications. They also combine superior design with manufacturing innovations to lower the total cost of ownership of a battery cell to just pennies per kWh, providing a rate of return equivalent to conventional fuel solutions.

“NEC Energy Solutions is excited to combine the 24M breakthrough cells with our industry leading storage systems to offer customers the most affordable and best in class energy storage systems,” said Bud Collins, CEO of NEC Energy Solutions, Inc. “Working together, NEC Energy Solutions and 24M will provide customers with high performance, 20-year battery life for reliable grid, off-grid and behind-the-meter solutions. We look forward to incorporating these breakthrough batteries into our best-in-class ESS deployments across the globe.”

NEC Energy Solutions combines ESS and intelligent controls to deliver innovative, tailored, technology solutions for electric grid, backup power and lead-acid replacement applications. The company also provides system integration expertise focusing on high performance, efficiency, safety and reliability.

“This agreement to supply 24M cells to NEC Energy Solutions, an established industry leader, is further validation of our cell technology,” said Throop Wilder, 24M’s CEO. “Through this MoU, NEC Energy Solutions and 24M will be able to bring industry-leading solutions to market more quickly and cost effectively, accelerating the adoption of advanced ESS across the globe.”

ABOUT 24M
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 bettering 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 NEC Energy Solutions
NEC Energy Solutions develops and manufactures smart energy storage solutions for electric grid, backup power and lead-acid replacement applications with system integration expertise focusing on high performance, efficiency, safety and reliability. NEC Energy Solutions’ products range from compact advanced industrial batteries to massive grid-scale energy storage systems. Its turnkey GSS™ (Grid Storage Solution) products have successfully operated in commercial revenue service since 2009, while its commercial and specialty batteries provide solutions to fit the needs for telecom, IT backup, datacenter, medical, lead-acid replacement and other industrial applications. For more information, please visit www.neces.com.

Contacts
24M
Sarah Mees, 978-409-2519
smees@tieronepr.com
or
NEC Energy Solutions, Inc.
Roger Lin, 508-497-7261
rlin@neces.com

24M INTRODUCES THE SEMISOLID LITHIUM-ION BATTERY

Company Emerges from Stealth with $50M in Private Capital and a Revolutionary New Technology That Will Slash Today’s Lithium-Ion Battery Costs by 50%

Cambridge, MA – June 22, 2015 – Today, 24M emerged from stealth mode to introduce the semisolid lithium-ion cell, a revolutionary technology that solves the grand challenge of energy storage by enabling a new, cost-effective class of the lithium-ion battery. 24M’s semisolid lithium-ion is the most significant advancement in lithium-ion technology in more than two decades and combines an overhaul in battery cell design with a series of manufacturing innovations that, when fully implemented, will slash today’s lithium-ion costs by 50% and improve the performance of lithium-ion batteries. The technology will accelerate the global adoption of affordable energy storage.

Until now, the energy storage field has had two options to try to drive down costs – build massive and complex factories to produce lithium-ion batteries in high volumes or pursue entirely new chemistries that may never move from the lab to the commercial floor. With the invention of the semisolid lithium-ion battery, 24M presents a third option – work with the world’s preferred energy storage chemistry and unlock new opportunities for cost reductions through new cell design and manufacturing innovations. 24M’s platform is the most significant advancement in lithium-ion technology since its debut more than 20 years ago.

“The lithium-ion battery is a brilliant, enabling technology, but its economics are flawed. It’s prohibitively expensive; it’s cumbersome and inefficient to make; and today’s version is approaching the limits of its cost reductions,” said Dr. Yet-Ming Chiang, 24M’s Chief Scientist. “24M has fixed the flaws. We’ve made the world’s favorite battery better, fundamentally changing its cost curve by designing a more elegant and simpler cell and then making the batteries the right way – the way they should have been made from day one.”

Reinvented Cell Design: Enabled by the Semisolid Thick Electrode
24M’s simple but breakthrough cell design is made possible by the semisolid thick electrode – a material science innovation originating in Dr. Chiang’s lab at MIT. Conventional lithium-ion battery cells have a large fraction of inactive, non-charge carrying materials – supporting metals and plastics – that are layered, one-on-top of the other, within a cell’s casing. Those inactive materials are expensive and wasteful. With the invention of the semisolid thick electrode, 24M eliminates more than 80% of these inactive materials and increases the active layer thickness over traditional Li-ion by up to 5x. Using thick electrodes, the cell also stores more energy, bettering the performance of the battery as well as its cost.

Advanced Manufacturing Platform
The simplicity of 24M’s new cell design likewise begets a radically simplified advanced manufacturing process. The traditional method for making lithium-ion batteries takes days, is extremely capital intensive and must run at high-volume to achieve economies of scale. 24M’s novel approach to manufacturing yields dramatic improvements:

  • From Days to Hours: Start to finish, 24M’s cell creation takes one-fifth of the time of a conventional battery. Because semisolid lithium-ion doesn’t require binding, drying, solvent recovery or calendaring, it removes entire steps in the manufacturing process.
  • Ultra-low Cost: While the removal of manufacturing steps certainly contributes to lower capex, eliminating the need for entire plants makes semisolid lithium-ion ultra-low cost. A 24M factory requires about one-tenth the investment of a conventional plant.
  • Flexible and Modular: Manufacturers can scale in small steps to match supply to demand, making lithium-ion cost effective even at low-volume production.
  • Environmentally Friendly: 24M’s solvent-free manufacturing platform creates the most easily recycled lithium-ion cell ever made.

“We give the architects of our energy future everything they love about lithium-ion at a cost they love too,” said Throop Wilder, 24M’s CEO. “Together, our inventions achieve what lithium-ion has yet to do – meet the ultra-low cost targets of the grid and transportation industries. By 2020 our battery costs will be less than $100 a kilowatt-hour (kWh). We’re emerging at the right time with the right technology.”

Since its founding in 2010, 24M has raised $50 million in private capital, closing Series A and B rounds, from Charles River Ventures, North Bridge Venture Partners and industrial partners. The company is also the recipient of a $4.5 million grant from the U.S Department of Energy. 24M’s cells are currently undergoing customer trials with large, global integrators of power systems for the grid. The company now employs more than 50 people and runs a fully automated manufacturing line from its 32,000 square foot facility in Cambridge, Massachusetts.

ABOUT 24M
24M answers the world’s need for affordable energy storage by enabling a new, cost-effective class of the lithium-ion battery –powered by semisolid lithium-ion technology. By upending the design of the battery cell, as well as how the batteries are made, the company solves the critical, decades-old challenge associated with the world’s preferred energy storage chemistry: reducing its high cost while bettering its performance. Founded and led by some of the battery industry’s foremost inventors, scientists and entrepreneurs, 24M is headquartered in Cambridge, Ma. For more information, please visit www.24-m.com.

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