24M Announces New R&D and Manufacturing Facility in Rayong, Thailand

Dedicated Facility to Accelerate Commercialization of 24M Core Technology

Cambridge, Mass. — September 5, 2024 — 24M today announced a new manufacturing and R&D facility located in Rayong, Thailand. Co-developed with and acquired from Nuovo + , a 24M partner and licensee, this 71,000 square foot (6,600 square meter) is a fully integrated, pilot manufacturing facility capable of producing up to 100 MWh of 24M SemiSolid™ battery cells.

The new facility will accelerate the commercialization of 24M’s suite of battery technologies and enable it to work closely with and be more responsive to its global partners. 24M has already begun pilot production in the Rayong plant for a leading India-based mobility OEM and will deliver initial validation samples this fall.

“Our new Rayong facility provides an ideal platform to fully demonstrate the commercial capabilities and groundbreaking innovation within the 24M battery technology portfolio,” said Naoki Ota, 24M President and CEO. “The facility provides the scale to demonstrate the many safety, cost, range and recycling advantages of our portfolio and accelerate the commercialization of our products.”

The newly acquired Rayong plant provides 24M with full-scale, pilot manufacturing operations to demonstrate, advance and deliver core 24M technologies and innovations, including:

• 24M SemiSolid and 24M LiForever™ – The facility has the capacity to enable 24M to demonstrate a commercial scale process to produce the binder-less 24M SemiSolid electrode and to develop 24M Liforever, a more efficient, lower cost and environment friendly direct recycling process for spent battery materials, including graphite and LFP, materials typically discarded. It is the first process to demonstrate a viable method for recycling end-of-life lithium-ion batteries to significantly lower costs and produce near CO 2 -free active materials.
• 24M Impervio™ – This transformative battery separator addresses heightened concerns of battery fires in electric vehicles, e-bikes, energy storage systems, smartphones and all other lithium-ion applications. The radical innovation helps prevent catastrophic fires and mass recalls caused by internal short circuits. Impervio does this by preventing metallic and lithium dendrites from propagating whether caused by process defects such as metallic impurities, electrode misalignments, separator wrinkles or the unavoidable formation of lithium dendrites that occur over time. In addition to fault prevention, Impervio can detect internal shorts before they occur to enable failsafe operation and eliminate mass recalls.
• Unit Cell and 24M ETOP™ – The 24M manufacturing platform creates a sealed cathode anode pair that eliminates the cell and module and allows for the electrode to be directly integrated into a pack. This process improves packing efficiencies by as much as 40% while simultaneously streamlining the assembly process and reducing required materials. Combined, this produces higher energy density packs at lower costs.
• Lithium Metal – 24M will combine its technology portfolio, including its novel lithium metal electrolyte 24M Eternalyte™, to deliver safe, long-life, high-energy density batteries. These innovations enable significant improvements in cycle life and rapid- charge rate for lithium metal batteries that can produce a 1,000-mile battery, a significant milestone once thought unattainable.

Nuovo+ Invests $51.1 Million in 24M Technologies with Transfer of Rayong Facility
In conjunction with this new facility, Nuovo+, an affiliate of PTT and Global Power Synergy PLC (GPSC), a long-term shareholder and strategic partner of 24M, will use the proceeds from the facility sale to purchase $51.1 million of 24M Preferred Stock as part of a recent Series H financing.

“Nuovo+ is fully committed to 24M and will acquire its shares with the belief that the restructuring of our battery business at this time will enhance the efficiency of asset management and the utilization of our Rayong facility. Under the leadership of 24M, we believe the Rayong pilot manufacturing and R&D facility will accelerate the demonstration of 24M battery technologies and consequently accelerate its ability to build and operate a commercial scale factory,” stated Darunporn Kamolpus, Nuovo+ Managing Director. “To emphasize our commitment to 24M, we will use the proceeds from the facility sale to increase our ownership stake in the company.”

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. LiForever™, Eternalyte™, Impervio™, 24M SemiSolid™ and 24M ETOP™ are pending trademarks of 24M Technologies, Inc.

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Eileen Flynn
Tier One Media
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