DETROIT—BUSINESS WIRE—Reuters Automotive USA 2024 – 24M Technologies today announced the delivery of commercial-sized lithium metal battery cells, integrated with its Impervio™ separator and Eternalyte™ electrolyte, to a major automotive original equipment manufacturer (OEM). This milestone marks a significant step toward large-scale production of safer, more reliable, electric vehicle (EV) batteries.

Momentum is building for 24M’s breakthrough Impervio technology, a transformative battery separator that prevents fires by obstructing dendrite propagation. The technology controls the cell at the individual electrode level, preventing dendrites from propagating and enabling early fault detection. Impervio can prevent a thermal runaway by monitoring the cell’s electrochemistry and enabling a failsafe in the event of a potential short.

“The growing concerns around battery fire safety must be addressed to ensure widespread adoption of EVs and a more sustainable energy future,” said Naoki Ota, CEO and President of 24M Technologies. “This shipment of Impervio-enabled battery cells to a major OEM, is a significant first step in restoring consumer confidence that a safer, longer-lasting, and more efficient battery is obtainable.”

The Impervio separator works with all battery formats and easily integrates into existing manufacturing processes. Because of this, OEMs can test and ultimately integrate the technology in their own facilities without making significant changes to their current production lines, whether using conventional battery production methods or the 24M SemiSolid™ process. With the available 24M prototypes, OEMs can test the innovations for rapid integration and deployment across the automotive industry.

In addition to addressing critical safety challenges, 24M is at the forefront of overcoming other barriers to widespread EV adoption. When combined, 24M innovations like Eternalyte™, 24M ETOP™ and Liforever™, enable a new era of EVs that can achieve up to 1,000 miles of range with batteries that are 100% recyclable.

If you are attending the Reuters Automotive USA 2024 Conference this week in Detroit, MI, visit the 24M team at Booth 22. 24M CFO/COO Rich Chleboski will also speak on Tuesday, October 22 at 2:30 p.m. on the Purple Stage (252AB) about how emerging technology innovation across the industry can rebuild consumer trust and boost adoption of EVs.

Cambridge, Mass. — September 11, 2024 —24M today unveiled new testing data for its transformative battery separator – Impervio™ – that addresses the growing concern of battery safety for electric vehicles (EV), energy storage systems (ESS) and consumer applications. The new data coincides with mounting concerns after recent battery fires in the United States and internationally.

Impervio, announced in January 2024, in addition to its other benefits, addresses the safety risk of overcharging. Overcharging is when a battery exceeds its safe charging threshold yet continues to charge and overheats – which has caused numerous EV fires over the past year.

“Battery safety is a major roadblock to the widespread adoption of EVs. Recent EV fires around the globe have highlighted why new battery safety innovations are required,” said Naoki Ota, 24M President and CEO. “A sustainable energy future is only possible with innovations like Impervio, which can help prevent battery fires and create new opportunities for battery innovation.”

Overcharging can lead to dendrite formation and an internal short, which can result in a battery fire and/or explosion. Impervio obstructs dendrite propagation, by controlling the cell at the individual electrode level, preventing dendrites from propagating and enabling early fault detection. The technology can prevent thermal runaway by monitoring the cell’s electrochemistry and enabling the implementation of a failsafe in the event of a potential short.

In new testing conducted at 24M labs, the company compared performance and safety between two different battery pouch cells – a 10Ah high nickel NMC/Graphite pouch cell with an Impervio separator and another off-the-shelf nickel NMC graphite pouch cell with a conventional separator. Both cells were brought to a fully charged state and then advanced to 100% overcapacity or twice the manufacturers specified maximum voltage. The cells with Impervio demonstrated robust performance without shorting or overheating with a full hour of overcharge. In contrast, the off-the-shelf cells overheated consistently with dendrite-caused micro shorts occurring after 15 minutes of overcharging and the cell exploding into a massive fire after 38 minutes. Click here for a video of the side-by-side comparison.

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

Media Contacts
Eileen Flynn
Tier One Media
eflynn@wearetierone.com
781-572-4912

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.

Media Contacts
Eileen Flynn
Tier One Media
eflynn@wearetierone.com
781-572-4912

Cambridge, Mass. – September 5, 2024 – 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.

Media Contacts
Eileen Flynn
Tier One Media
eflynn@wearetierone.com
781-572-4912

Cambridge, Mass. — March 20, 2024 —24M announced today that the company and its joint development partner Kyocera are the recipients of the Electrochemical Society of Japan’s 2024 Technology Award (Tanahashi Award) for the practical application and commercialization of the 24M SemiSolid™ (clay-type) lithium-ion battery cell in the Enerezza™ energy storage system. The Tanahashi Award recognizes outstanding achievements in technological development based on electrochemistry and industrial physical chemistry. In addition to the practical application of the SemiSolid lithium-ion battery cell, Kyocera and 24M were also recognized for significant energy savings in the battery manufacturing process.

Kyocera was the first to commercialize the 24M SemiSolid electrode manufacturing process, launching Enerezza, the world’s first SemiSolid battery residential energy storage system, in 2020. Enerezza offers consumers a lower-cost, safer, and longer-lasting energy storage solution compared to conventional energy storage products.

“We are honored to be recognized by the Electrochemical Society of Japan alongside our licensing partner Kyocera for our energy storage innovations,” said Naoki Ota, 24M President and CEO. “Kyocera’s launch of the Enerezza residential energy storage product line marked a significant milestone for 24M as the first commercial application of our SemiSolid battery technology. This award is further validation that our unique approach to reinventing the lithium-ion battery is an important step forward toward a better energy future.”

“This award is the result of the hard work and dedication of many people at 24M and Kyocera,” commented Yoshihiro Takeshita, Department Manager of Kyocera Energy Systems Research and Development Division. “By scaling the 24M SemiSolid platform to commercial scale, Kyocera has been able to realize its inherent advantages and provide our customers with safer, better performing energy storage systems with less environmental impact.”

The Electrochemical Society of Japan has honored outstanding achievements in research and development in the field of electrochemistry for more than 70 years. The award ceremony was held on March 15 at the Electrochemical Society’s 91st Annual Conference in Nagoya, Japan. For more information on the Electrochemical Society of Japan and the Tanahashi Award, please visit: https://www.electrochem.jp/english/.

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.

Enerezza is a registered trademark of Kyocera Corporation in Japan.

About Kyocera

Kyocera Corporation (TOKYO:6971, https://global.kyocera.com/), the parent and global headquarters of the Kyocera Group, was founded in 1959 as a producer of fine ceramics (also known as “advanced ceramics”). By combining these engineered materials with metals and integrating them with other technologies, Kyocera has become a leading supplier of industrial and automotive components, semiconductor packages, electronic devices, smart energy systems, printers, copiers, and mobile phones. During the year ended March 31, 2023, the company’s consolidated sales revenue totaled 2 trillion yen (approx. US$15.1 billion). Kyocera is ranked #672 on Forbes magazine’s 2023 “Global 2000” list of the world’s largest publicly traded companies, and has been named among “The World’s 100 Most Sustainably Managed Companies” by The Wall Street Journal.

Contacts
Eileen Flynn for 24M
781-572-4912
eflynn@wearetierone.com

Pang Tan
VP of Business Development
info@24-m.com

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Cambridge, Mass. — March 4, 2024 — Today, 24M shared the latest innovation in its revolutionary 24M battery technology set — Liforever™. Unique to the 24M SemiSolid™ battery manufacturing platform, Liforever™ is a direct material recycling methodology for EV and ESS batteries. Liforever™ reduces the environmental impact of lithium-ion batteries by making it efficient and cost-effective to recover and reuse battery materials, including lithium iron phosphate or LFP, both in process and at end-of-life.  

“Better battery recycling is essential for a sustainable energy future, but the use of binders in conventional cell production has made direct recycling impractical,” said 24M CEO Naoki Ota. “Liforever™ solves these challenges by enabling the reuse of nearly every part of the battery cell without requiring the expensive, inefficient and environmentally challenging processes used in conventional cell recycling. These cost savings are further optimized by our streamlined SemiSolid™ technology, which eliminates half of the steps used in conventional cell production.”

Conventional lithium-ion cells use expensive and toxic pyrometallurgical and hydrometallurgical recycling processes that form black mass e-waste, which damages the structure of the anode and cathode materials. Because of this damage and the process’ high cost, less expensive materials like LFP are typically not recycled. Only more expensive metals, most commonly nickel, manganese and cobalt, are extracted from the black mass in their base metal form and reintroduced to the active material production process. 

By contrast, Liforever™ keeps the active materials in their original form and does not create a black mass — something no one else in the industry can do. This enables the low-cost recycling of all active materials from the anode (graphite) and cathode (NMC, LFP, NCA, etc.). After recovery, the active materials undergo a low-cost cleaning and, as needed, re-lithiation to reclaim their original capacity.  

As shown in the accompanying chart, 24M has demonstrated Liforever™ with end-of-life LFP cells, demonstrating for the first time a cost-effective approach to recycle LFP cells. 

The Liforever™ recycling methodology is designed to be compatible with both current and anticipated future recycling regulations, allowing cell manufacturers, EV OEMs and ESS operators to future-proof their battery technology. And because the 24M SemiSolid™ process is chemistry agnostic, Liforever™ will support next-generation batteries of all chemistry types building in additional longevity for the technology.

To learn more about the latest 24M innovations and more, visit 24-m.com or meet with us in person at: 

• Data Centre World in London (3/6/24 – 3/7/24) — Booth D24. 24M CEO Naoki Ota will speak on 3/6/24 at 2:00 PM (Operational Transformation & Resilience Theatre).
• AABC EU 2024 in Strasbourg, France (5/13/24 – 5/16/24) — Booth 315.  24M will speak on 5/16 at 11:40 AM (EV Mobility Session).

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.

Contacts
Marian Hughes for 24M
mhughes@wearetierone.com
708-421-0083

Pang Tan
VP of Business Development
info@24-m.com

View on Businesswire

Cambridge, Mass. — February 13, 2024 — 24M announced the latest addition to its disruptive battery technology portfolio — Eternalyte™, a transformative new electrolyte developed specifically for lithium-metal batteries. The proprietary, liquid electrolyte formula will enable significant improvements in the cycle life and rate capability of lithium-metal batteries for electric vehicle, energy storage and consumer applications. 

This new innovation builds on the recent technology breakthroughs from 24M including 24M ETOP™, its electrode-to-pack battery technology, and 24M Impervio™ its new battery separator. When combined with Eternalyte™ the three new technologies go beyond 24M’s SemiSolid™ and Unit Cell manufacturing platforms and offer a battery technology suite that enables a sustainable energy future. 

Until now, solid-state electrolyte (SSE) technology has been the preferred choice for those trying to commercialize lithium-metal batteries, which have long offered the promise of dramatically higher energy densities. However, safety concerns and short and inconsistent cycle life, caused by lithium or other metal dendrites, continue to limit the commercial viability of lithium-metal cells, including those using SSE-based technologies. Challenges with SSE’s scalability, cost, fragility, and changes in electrical resistance with cycling are additional issues that need to be solved. 24M’s unique liquid electrolyte, Eternalyte™, combined with Impervio™ solves these challenges. The combination is a low-cost way to prevent all metal dendrites and achieve excellent cycle life with consistent and low electrical resistance to cathode active materials. Historically, liquid electrolytes used with lithium-metal anodes had poor cycle life, particularly, with rapid charging. Eternalyte™, however, has demonstrated outstanding cycle life even under rapid charging conditions, paving the way for new lithium-metal solutions. 

“We are on a mission to deliver transformative battery solutions that overcome critical industry challenges. Eternalyte™ plays a key role in making that transformation happen by enabling high cycle life lithium-metal batteries,” said Naoki Ota, 24M President and CEO. “While our solutions can be individually integrated into conventional battery products, we believe the most significant benefits are achieved when they are combined. Together, they can deliver a cost-effective and safe 1,000-mile-per-charge battery pack — enabling electric vehicles to be fully competitive with combustion engine vehicles.” 

Preliminary Testing
Early test results show that Eternalyte™ enables substantial improvements in cycle life and rate capability for lithium-metal batteries. 

Unmatched cycle stability: For a lithium-metal cell cycling at 1C discharge/1C charge, 24M Eternalyte™ allows the cell to retain 83% capacity over 500+ cycles, approximately 500,000+ miles of total range and 1,000 miles per charge. 

Significant rate improvements: Test results for lithium-lithium base cells suggested an equivalent of 3,000+ cycles with 4C continuous cycling without shorting or increasing resistance. 

24M believes that Eternalyte™ has achieved the highest cycle stability among liquid electrolyte systems under 20mA/cm2 plating/stripping current. (See accompanying image for more information.) 

A Complete Solution
When combined the 24M suite of battery technologies fully addresses current lithium-metal challenges — safety, cycle life and rate capability — and enables a more efficient and lower-cost next-gen battery. 

• 24M ETOP™ increases battery pack energy density by eliminating the cell and integrating electrodes directly into the pack. 
• The Impervio™ separator technology prevents and suppresses dendrite growth for safer lithium-ion and lithium-metal batteries. 

Together, 24M ETOP™, Impervio™ and Eternalyte™ enable improved safety, cycle life and energy density to deliver a 1,000-mile battery pack powered by lithium-metal. This revolutionary technology set will transform battery performance for EV, ESS and consumer electronics. 

A Flexible Technology Set
The 24M technology portfolio provides flexibility for cell manufacturers using conventional processes by enabling them to integrate individual technologies into their current manufacturing processes. While the benefits are not as pronounced, this can allow manufacturers to improve overall performance. 

“For conventional cell production, the fundamental manufacturing process hasn’t changed in more than three decades,” commented 24M Chief Scientist and MIT Professor Yet-Ming Chiang. “We’ve reinvented both the manufacturing process and cell/pack design to create a complete suite of innovative battery solutions that make next-generation technologies, like lithium-metal possible.” 

To learn more about these innovations and more, visit 24-m.com or meet with us in person at one of these upcoming industry events: 

• NAATBatt 2024 Building Capacity Conference (2/19/24 – 2/22/24) — Booth 21. Naoki Ota will speak on 2/20 at 4:40 PM (Session 1B, room Costa de la Luna 1-4). 
• Data Centre World (3/6/24 – 3/7/24) — Booth D24. Naoki Ota will speak on 3/6/24 at 2:00 PM (Operational Transformation & Resilience Theatre).

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. 

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

Contacts 

Marian Hughes for 24M
mhughes@wearetierone.com
708-421-0083 

Pang Tan
VP of Business Development
info@24-m.com

View on Businesswire

CAMBRIDGE, Mass. – January 08, 2024 – Today, 24M unveiled a transformative new battery separator — 24M Impervio™ — that promises to redefine battery safety for electric vehicle (EV), energy storage systems (ESS) and consumer applications. This proprietary technology enables unprecedented safety advancements for lithium-ion and lithium-metal batteries that will facilitate the prevention of catastrophic fires and massive recalls caused by metallic dendrites (i.e. dendrites from metal contamination introduced during the production process), electrode misalignments or lithium dendrites. 24M Impervio™ achieves these results by obstructing metallic dendrite formation, as well as by measuring battery performance thereby enabling early fault detection.

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CAMBRIDGE, Mass. and TOKYO – October 24, 2023 – 24M announced today it will introduce a transformative new battery technology — the 24M Electrode-to-Pack system — at the Japan Mobility Show October 26 – November 5. 24M ETOP™ is a streamlined battery pack system that features electrodes packaged directly into the battery pack, removing the need for individual cells and modules. 

Prior to 24M ETOP™, cell manufacturers, automotive OEMs and ESS integrators have built battery packs and modules from individual cells. However, current lithium-ion battery cells have a large fraction of inactive, non-charge-carrying materials — supporting metals and plastics — within a cell’s casing. These inactive materials reduce module and energy density and add unnecessary expense and waste. Enabled by the 24M Unit Cell design, the 24M ETOP™ technology eliminates unnecessary cell materials within the battery pack and allows manufacturers to achieve the highest energy density available at the pack level while cutting costs.

“24M ETOP™ will be a game-changer for electric mobility and energy storage systems because it delivers unmatched energy density,” said Naoki Ota, 24M President and CEO. “This innovative new battery technology is enabled by our Unit Cell technology and is reflective of what’s yet to come from 24M. We are moving beyond our core technology — the 24M SemiSolid™ manufacturing platform — into a company with a revolutionary technology set that will deliver truly transformative solutions for a better energy future.” 

A Transformed Pack for Breakthrough Energy Density

24M will be demonstrating 24M ETOP™ in the AZAPA booth: Booth E6001, East 6 Exhibition Hall. In addition to enabling the highest available energy density at the pack level, the 24M ETOP™ system delivers dramatic improvements in other key areas.

• Performance: Achieve electrode (not cell) packing efficiencies of over 70%, the highest pack-level volume utilization efficiency available.
• Cost: In addition to its streamlined process and decreased materials usage, it enables unit electrodes to be connected in a combination of series and parallel — an industry first. By eliminating additional connection components, it also further reduces the overall pack cost.
• Range and Cycle Life: Higher packing efficiencies and energy density provide benefits for both EV and ESS applications, boosting range and capacity.
• Safety: The 24M SemiSolid™ Electrode and Unit Cell technology continues to provide unmatched safety when subjected to mechanical abuse.
• Pack Design Flexibility: The 24M Unit Cell can be connected in series, parallel and a combination of series and parallel directly within a pack, enabling configurations that are no longer bound or limited by individual cell voltage (V) and capacity (Ah).

Since its founding in 2010, 24M has raised approximately $400 million in private capital from strategic and financial investors, including Volkswagen, FREYR, Kyocera, Itochu, GPSC and Fujifilm. In 2019, 24M partner Kyocera began commercial production and sales of its Enerezza home energy storage product using the 24M SemiSolid™ and Unit Cell technology. 24M holds more than 200 patents, including those for the 24M SemiSolid™ Electrode, Unit Cell technology, pre-lithiation, battery modules and recycling. 24M now employs more than 200 people with headquarters in Cambridge, Massachusetts and offices in Indianapolis, Indiana.

About 24M

24M answers the world’s need for affordable energy storage by offering a revolutionary battery manufacturing and product design platform, technology set and process enabled by the 24M SemiSolid™ and Unit Cell manufacturing platform. By re-inventing today’s battery manufacturing methods and product design, 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.

Contacts
Marian Hughes for 24M
mhughes@wearetierone.com
708-421-0083

Pang Tan
VP of Business Development
info@24-m.com

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CAMBRIDGE, Mass. – April 14, 2023 – 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 SemiSolidTM 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.

Contacts

Marian Hughes for 24M
mhughes@tieronepr.com
708-421-0083

Pang Tan
VP of Business Development
info@24-m.com

View on Businesswire

CAMBRIDGE, Mass. – January 23, 2023 – 24M announced today that it has been selected to receive $3.2 million in funding from the U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E). The funding is part of the ARPA-E Electric Vehicles for American Low-Carbon Living (EVs4ALL) program, which seeks to develop more affordable, convenient, efficient and resilient electric vehicle (EV) batteries.

We are pleased to be chosen for this initiative and help strengthen the domestic supply chain for advanced batteries that power electric vehicles,” said Naoki Ota, president and CEO of 24M. “The demand for lower-cost, higher-capacity batteries is greater than ever before. The current processes to manufacture lithium-ion batteries are approaching performance and cost limits and require an innovative manufacturing platform that improves performance while reducing costs.”

24M will partner with the Massachusetts Institute of Technology (MIT) and Carnegie Mellon University (CMU) to use its versatile SemiSolid manufacturing platform to develop low-cost, fast-charging sodium metal batteries with good low-temperature performance for EVs. The 24M cell design will incorporate three key features:

• An ultra-thick SemiSolid cathode made up of advanced cobalt-free, nickel-free sodium cathode active material.
• An advanced wide-temperature, fast-charging electrolyte developed using machine learning and automated high-throughput screening technology.
• A sodium super ionic conductor.

“As the U.S. Department of Energy looks to expand domestic adoption of electric vehicles, sodium metal batteries can play an important role in ensuring low costs for all consumers,” said Dr. JunZheng Chen, director of advanced R&D at 24M. “This funding will help us develop, manufacture and deliver these batteries at scale.”

The ultra-thick SemiSolid electrode architecture has been commercially demonstrated with exceptionally high energy density using lithium-ion chemistry. Leveraging the 24M chemistry-agnostic SemiSolid manufacturing platform and modular approach to battery cell design, the team will apply this to sodium chemistry, paving the way for fast-charging, high energy density and low-cost batteries ideal for the EVs4ALL program.

For additional information about 24M and this project, please visit https://24-m.com/.

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

Contacts

Marian Hughes for 24M
mhughes@tieronepr.com
708-421-0083

Pang Tan
VP of Business Development
info@24-m.com

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CAMBRIDGE, Mass. – September 14, 2022 – 24M Technologies, Inc. (24M) announced today that it has licensed its SemiSolid manufacturing platform to FUJIFILM Corporation (Fujifilm). As part of the partnership, Fujifilm will invest $20 million in 24M.

By reinventing the way lithium-ion cells are made, the chemistry agnostic 24M SemiSolid manufacturing platform enables higher energy densities, lower costs, unmatched recyclability and increased safety for next-generation batteries. This new agreement builds on previous investments from Fujifilm in 2020.

“By combining the 24M SemiSolid manufacturing platform with the precision coating and production technologies Fujifilm has developed over 80 years, we have established the core technology for mass production of large-area SemiSolid batteries with high energy density,” states Fujifilm Director, Corporate Vice President and General Manager of Industrial Products Division Jun Ozawa. “We will qualify the mass production of SemiSolid lithium-ion batteries and continue to enhance the technology to expand opportunities for the SemiSolid manufacturing platform.”

“With the demand for lower-cost, higher-capacity batteries greater than ever before, we are thrilled to continue and expand our relationship with Fujifilm to help meet that need,” says 24M President & CEO Naoki Ota. “Fujifilm brings almost a century of experience in high technology development and commercialization, and we look forward to working with them to further innovate the SemiSolid manufacturing platform.”

ABOUT FUJIFILM
FUJIFILM Holdings Corporation, Tokyo, leverages its depth of knowledge and proprietary core technologies to deliver Value from Innovation in its products and services in the business segments of healthcare, materials, business innovation, and imaging. Its relentless pursuit of innovation is focused on providing social value and enhancing the lives of people worldwide. Fujifilm is committed to responsible environmental stewardship and good corporate citizenship. For more information about Fujifilm’s Sustainable Value Plan 2030, click here. For the year ended March 31, 2022, the company had global revenues of approximately 2.5 trillion yen (21 billion USD at an exchange rate of 122 yen/dollar). For more information, please visit www.fujifilmholdings.com.

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.

Contacts

Marian Hughes for 24M
mhughes@tieronepr.com
708-421-0083

Pang Tan
VP of Business Development
info@24-m.com

View on Businesswire

CAMBRIDGE, Mass. – January 19, 2022 – 24M Technologies, Inc. announced today it was awarded $9 million in funding from the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E). The funding will be used by 24M to develop and scale next-generation high energy density lithium metal anode cells for electric aviation.

“We are very pleased to have been selected for this competitive award. The program will accelerate our commercialization activities and enable us to rapidly bring our revolutionary cell technology to the market,” said Naoki Ota, President and CEO of 24M Technologies Inc. “With this funding we will develop and scale high energy cell solutions for electric flight using our unique SemiSolidTM platform that breaks through the performance and cost barriers of today’s lithium-ion technologies,” said Dr. Yet-Ming Chiang, Chief Scientist & Co-Founder of 24M Technologies Inc.

The 24M team plans to develop batteries incorporating a lithium metal anode and SemiSolidTM cathode to deliver lower cost, superior power and improved energy density to electric aviation applications. The 24M team will also develop and scale up a commercial, modular, pilot line for customer validation with a clear path to gigascale production capacity for the new lithium metal battery technology. 

24M Technologies, Inc. received this competitive award from ARPA-E’s program Seeding Critical Advances for Leading Energy technologies with Untapped Potential (SCALEUP), building on ARPA-E’s primary research and development (R&D) focus, to support the scaling of high-risk and potentially disruptive new technologies across the full spectrum of energy applications. 

About 24M Technologies
24M answers the world’s need for affordable energy storage by enabling a new, more cost-effective solution–SemiSolidTM 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.

Contacts

Marian Hughes for 24M
mhughes@tieronepr.com
708-421-0083

Pang Tan
VP of Business Development
info@24-m.com

View on Businesswire

CAMBRIDGE, Mass.  — January 18, 2022 — 24M Technologies, Inc. (24M) today announced it has closed its deal with Volkswagen Group (VWAG). Through the strategic partnership, VWAG will manufacture next-generation lithium-ion EV batteries using the 24M SemiSolid™ platform for use in VWAG electric vehicles (EVs). VWAG acquired a 25% stake in 24M and will establish a wholly-owned subsidiary that will, in cooperation with 24M, develop a SemiSolidTM battery cell production technology for automotive applications.

VWAG invested a three digit millions of U.S. dollars in 24M’s Series F funding round and will make additional investments promoting automotive developments based on the 24M core technology. Additionally, Dr. Steffen Blase, Head of Group Mergers & Acquisitions at Volkswagen AG, will join 24M’s Board of Directors.

“The SemiSolidTM manufacturing platform offers the potential to substantially reduce capital and operating costs,” commented Dr. Blase. “Through our newly established subsidiary and our strategic partnership with 24M, we are focused on bringing the SemiSolidTM platform to automotive applications and believe we can develop cost-effective processes to meet the increasing demand for EVs.”

“Through strategic partnerships with energy innovators like GPSC, Kyocera, AXXIVA, Lucas TVS, FREYR, Koch Strategic Platforms and now VWAG, 24M has built an ecosystem to rapidly scale the SemiSolidTM manufacturing platform and develop a better, cleaner energy future,” says 24M President and CEO, Naoki Ota. “Our collaborative partnership with VWAG will help significantly expand the global reach of SemiSolidTM batteries and help fast track electric vehicle adoption.”

About 24M Technologies
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 safety, reliability, and 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 Volkswagen Group
The Volkswagen Group, with its headquarters in Wolfsburg, is one of the world’s leading automobile manufacturers and the largest carmaker in Europe. Ten brands from seven European countries belong to the Group: Volkswagen Passenger Cars, Audi, SEAT, ŠKODA, Bentley, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN. The passenger car portfolio ranges from small cars all the way to luxury class vehicles. Ducati offers motorcycles. In the light and heavy commercial vehicles sector, the products range from pick-ups to buses and heavy trucks. Every weekday, 662,600 employees around the globe are involved in vehicle-related services or work in other areas of business. The Volkswagen Group sells its vehicles in 153 countries.

In 2020, the total number of vehicles delivered to customers by the Group globally was 9.31 million (2019: 10.98 million). Group sales revenue in 2020 totaled EUR 222.9 billion (2019: EUR 252.6 billion). Earnings after tax in 2020 amounted to EUR 8.8 billion (2019: EUR 14.0 billion).

Contacts

24M Technologies, Inc.
Marian Hughes for 24M
mhughes@tieronepr.com
708-421-0083

Pang Tan
VP of Business Development
info@24-m.com

Volkswagen Group
Stefan Ernst
Spokesperson Battery
+49 5361 9-960976
stefan.ernst1@volkswagen.de

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WOLFSBURG, Germany and CAMBRIDGE, Mass. — December 8, 2021 — Volkswagen Group (VWAG) and 24M Technologies, Inc. (24M) today announced they have entered into a strategic partnership to manufacture next-generation lithium-ion EV batteries using the 24M SemiSolid™ platform. The partnership is focused on the development of production technology for SemiSolidTM battery cells for use in VWAG electric vehicles (EVs).

As part of the partnership, VWAG will make a strategic investment into 24M. In addition to the direct investments, VWAG will establish a wholly-owned subsidiary that will, in cooperation with 24M, develop a SemiSolidTM battery cell production technology for automotive applications. 

With EV demand on the rise, carmakers need battery solutions that are beyond R&D and can be implemented immediately and cost-effectively. The SemiSolidTM manufacturing platform delivers on both. Through strategic partnerships with energy innovators like GPSC, Kyocera, AXXIVA, LucasTVS, FREYR, Koch Strategic Platforms and now VWAG, 24M has built an ecosystem to rapidly scale the SemiSolidTM manufacturing platform. 

“Volkswagen is implementing its battery strategy very consistently and at a high pace,” said Thomas Schmall, Member of the Board of Management of Volkswagen Group for Technology and CEO of Volkswagen Group Components.  “The Volkswagen unified cell must be at the forefront of performance, costs and sustainability right from the start. With our new partners, we are taking the next step closer to this goal. Together, we will approach key parts of the battery value chain and develop cutting-edge technologies.”  

“The 24M mission is to develop a better, cleaner energy future powered by SemiSolidTM technology,” says 24M President and CEO, Naoki Ota. “Our relationship with Volkswagen significantly expands the 24M ecosystem. Their investment, collaborative development and ability to scale globally will accelerate the SemiSolidTM manufacturing platform to replace the conventional manufacturing process and fast track electric vehicle adoption.”

About 24M Technologies
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 safety, reliability, and 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 Volkswagen Group
The Volkswagen Group, with its headquarters in Wolfsburg, is one of the world’s leading automobile manufacturers and the largest carmaker in Europe. Ten brands from seven European countries belong to the Group: Volkswagen Passenger Cars, Audi, SEAT, ŠKODA, Bentley, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN. The passenger car portfolio ranges from small cars all the way to luxury class vehicles. Ducati offers motorcycles. In the light and heavy commercial vehicles sector, the products range from pick-ups to buses and heavy trucks. Every weekday, 662,600 employees around the globe are involved in vehicle-related services or work in other areas of business. The Volkswagen Group sells its vehicles in 153 countries.

In 2020, the total number of vehicles delivered to customers by the Group globally was 9.31 million (2019: 10.98 million). Group sales revenue in 2020 totaled EUR 222.9 billion (2019: EUR 252.6 billion). Earnings after tax in 2020 amounted to EUR 8.8 billion (2019: EUR 14.0 billion).

Media Contacts

24M Technologies, Inc.
Marian Hughes for 24M
mhughes@tieronepr.com
708-421-0083

Pang Tan
VP of Business Development
info@24-m.com

Volkswagen Group 

Stefan Ernst
Sprecher Batterie
Volkswagen Konzernressort Technik und Volkswagen Group Components (CK)

Volkswagen Aktiengesellschaft
Brieffach 011/8184
38436 Wolfsburg
Tel.:  +49 5361 9-960976

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NEW YORK & OSLO, Norway & LUXEMBOURG — October 11, 2021 — FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, today announced the formation of a joint venture (“JV”) in the United States between Koch Strategic Platforms (“KSP”) and FREYR. The JV, which has a 50%/50% ownership structure, has been established to develop an initial 50 GWh of Gigafactory-scale battery cell manufacturing capacity in the U.S. based on 24M Technologies (“24M”) SemiSolid™ platform technology. The scale and scope of the targeted development would position the JV as one of the largest battery cell manufacturers in the U.S., using American-borne technology and the sustainable innovation of a premier U.S.-based, global industrial partner in KSP. This venture further progresses FREYR’s strategic focus of developing clean, localized battery cell production and supply chains to catalyze emerging energy technology adoption.

“Today’s announcement marks a significant milestone for FREYR as we advance our expansion strategy through the U.S. joint venture with KSP,” said Torstein Sjøtveit, FREYR’s Executive Chairman. “Our entire team is looking forward to collaborating with our U.S.-based strategic partners at Koch and 24M to bring clean, next-generation battery cell production to the U.S. at commercial scale.”

“We are pleased to announce the formation of the joint venture with FREYR and our investment in U.S.-based 24M,” said David Park, president of Koch Strategic Platforms. “This initiative could create jobs here in the U.S. and foster continued adoption of transformative energy technology.”

“KSP conducted diligence on the FREYR investment beginning in January 2021 when we participated as the largest investor in their PIPE offering. We are confident in the prospects of signing significant commercial offtake agreements in both the energy storage and EV sectors that will enable us to select a Gigafactory location in the U.S. next year,” said Jeremy Bezdek, managing director of KSP and FREYR board director.

In conjunction with the agreement, KSP and FREYR have invested $70 million in convertible promissory notes with 24M, under which KSP and FREYR will initially invest $50 million and $20 million, respectively. Upon closing of the convertible note financing, the JV entered into a new licensing agreement with 24M that will enable the JV to deploy 24M’s SemiSolid™ platform technology with conditional limited exclusivity in the U.S.

“We are delighted to enhance our deep strategic partnership with FREYR and establish a new collaboration with a globally-respected industrial player in Koch,” added Naoki Ota, President and CEO of 24M. “The investment in 24M and expanded licensing agreement validate our battery technology leadership and offer potential deployment at commercial scale in the U.S.”

The JV will leverage 24M’s SemiSolid™ technology, which dramatically reduces the number of steps required to manufacture battery cells while still using conventional lithium-ion raw materials. The SemiSolid™ production platform enables capital and operating cost savings as well as expanded opportunities to recycle materials. Using the 24M technology platform, the JV will have the flexibility to provide next-generation batteries of various sizes and chemistries at commercial scale.

“The establishment of the U.S. JV with KSP and the associated investment in 24M are transformational developments for FREYR,” commented Tom Jensen, FREYR’s Chief Executive Officer. “These agreements increasingly position FREYR as a leader in modularized production of next-generation battery cells at scale. We are now taking formal steps to offer localized battery supply complementing our initial Norwegian offering to the exponentially growing U.S. market. We are very excited to deepen our key strategic relationships with Koch and 24M as we accelerate our work to establish a substantial commercial production footprint in the U.S.”

Today’s announcement follows FREYR’s press release on June 11, 2021, which outlined the Company’s negotiations with a major multinational conglomerate to develop battery production facilities in North America; and KSP’s prior investment in the business combination transaction between FREYR AS and Alussa Energy Acquisition Corp. completed on July 9, 2021.

Conference Call
FREYR and KSP will conduct a conference call today, Tuesday, October 12^th, 2021, at 10:30 am EDT/4:30 pm CEST to discuss today’s announcement. The presentation material will be available to download at http://freyrbattery.com.

To access the conference call, listeners should contact the conference call operator at the appropriate number listed below approximately 10 minutes prior to the start of the call.

Dial in information:

United Kingdom: +44 3333000804
United States: +1 6319131422
Switzerland: +41 225809034
Spain: +34 935472900
Norway: +47 23500243
Luxembourg: +352 27300160
Hong Kong: +852 30600225
Germany: +49 6913803430
France: +33 170750711
Denmark: +45 35445577
Canada: +1 4162164189

Participant pin code: 45399424#

A webcast of the conference call will be broadcast simultaneously. Attendees may access the webcast at https://streams.eventcdn.net/freyer/freyr-project-leif

About FREYR Battery
FREYR is a producer of clean battery solutions for a better planet. Listed on the New York Stock Exchange, FREYR’s mission is to accelerate the decarbonization of energy and transportation systems globally as one of Europe’s largest clean battery suppliers. To learn more about FREYR, please visit www.freyrbattery.com.

About Koch Strategic Platforms
With offices in Atlanta and Wichita, KSP desires to be the preferred investment partner of growth focused, strategic companies who are innovating in industries with disruptive potential. Created in 2020, the KSP team pursues public and private investments with companies where long-term mutual benefit can be realized. https://www.kochind.com/

About 24M Technologies
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 safety, reliability, and 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.

Forward-looking Statements
All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding the development, timeline, capacity and utility of FREYR’s and/or the JV’s Gigafactories, the development and commercialization of 24M’s SemiSolid™ technology, FREYR’s and / or the JV’s manufacturing capacity relative to other market participants and the development of customer and offtake relationships are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”) on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.

Media Contacts
Pang Tan, VP of Business Development
info@24-m.com

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CHENNAI, India — September 1, 2021 — Leading automotive electrical components manufacturer Lucas TVS Ltd. and 24M Technologies, Inc., developer of next generation lithium-ion battery technologies, announced the signing of a license and services agreement to construct one of the first Giga factories in India using 24M’s innovative and disruptive SemiSolid™ platform technology.

The first plant with world class safety standards will be set up in Thervoy Kandigai, Gummudipundi near Chennai and Lucas TVS expects to build other plants throughout India to support the growing energy storage, electric mobility and lead acid battery replacement markets. The Chennai Plant is expected to begin commercial production in second half of 2023. Based on the aggressive targets set by Govt in the Renewable energy and Electric Mobility space, Lucas TVS plans to grow the capacity of the plant to a globally competitive scale of 10 GWh in two stages.

24M’s SemiSolid™ platform has significant benefits as compared to conventional manufacturing processes. The process, protected by more than 80 issued and 100 pending patents, offers a significantly simpler process flow reducing capital costs substantially. The SemiSolid™ technology enables the production of a thicker electrode, increasing energy density and reducing materials costs. Beyond its cost advantages, 24M’s patented cell design enhances safety, reliability, and traceability, by virtually eliminating potential metal contamination, the most common cause of shorts in conventional lithium-ion cells. In addition to these benefits, the SemiSolid™ electrode eliminates the use of binders and thereby enables the simplest and most efficient recycling of rejected or end of life cells. These advantages make it a preferred choice for demanding customers in critical areas such as energy storage and electric mobility.

The unique SemiSolid™ platform offers innovative solutions to the fast-growing storage and electric mobility markets and the emerging lead acid battery replacement markets and is already seeing large capacities being planned globally in Japan, ASEAN, Europe, East Asia and the US. Lucas TVS will be the first to introduce SemiSolid™ lithium-ion batteries produced in India and specifically designed for the Indian market.

Lucas TVS plans to build products using different chemistries, in Pouch and Prismatic cell formats, with high energy density. The products will meet customer needs in e-mobility, stationary energy storage, including grid-scale markets, and lead acid battery replacement. Lucas TVS will also be offering complete battery solutions to those customers who need them.

“Lucas TVS believes in investing in the next-generation technologies, which is why we chose to partner with 24M,” stated Mr. T.K. Balaji, Chairman and Managing Director, Lucas TVS. “We are confident that their innovative SemiSolid™ platform technology will enable us to provide our customers affordable e-mobility, lead acid battery replacement and storage solutions with improved quality and best-in-class safety.”

“We are delighted to partner with a market leader like Lucas TVS with a 60+ year track record of performance as a leading provider of electromagnetic solutions to the mobility market,” commented Naoki Ota, Chief Executive Officer of 24M. “Our innovative SemiSolid™ technology and ongoing R&D investments will support Lucas TVS’s ambition to become a leader in the energy storage space for mobility, lead acid battery replacement, storage and grid scale markets in India.”

About Lucas TVS Ltd.

Lucas TVS Ltd., is an Indian manufacturing leader in mechatronic components for automotive, EV, industrial and consumer industries. Lucas-TVS Group with a turnover of over Rs. 3,500 crore is the market leader in this field for over 6 decades supplying its products to all segments of auto industry. Its products include starter motors, alternators, automotive motors, EV traction motors, BLDC motors for consumer and industrial applications as well as various controllers and sensors. Lucas-TVS has been in the forefront of introduction of high technology products to meet the demanding needs of the fast-growing auto industry in India. The group has already forayed into manufacture of several components of the fast-emerging electric mobility industry. For more information, please visit www.lucas-tvs.com.

About 24M Technologies Inc.

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 safety, reliability and 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.

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CAMBRIDGE, Mass. — May 17, 2021 — 24M announced today it has raised a $56.8 million Series E to commercialize its simple, capital-efficient, low-cost SemiSolid™ manufacturing process and expand its technology development programs for grid storage and electric vehicle applications.

The financing was led by global trading company ITOCHU Corporation and as a part of the financing, Hiroaki Murase, General Manager of the Sustainable Energy Business Department, of ITOCHU will join 24M’s Board of Directors. Also participating in the round were new investors Fujifilm Corporation and Mirai Creation Fund II along with previous investors, including Kyocera Corporation, Global Power Synergy Public Company Ltd (GPSC) and North Bridge Venture Partners.

24M’s innovative SemiSolid™ manufacturing platform delivers market-leading price-performance. SemiSolid™ electrodes use no binder, mixing electrolyte with active materials to form a clay-like slurry with unique attributes. As a result, the 24M process eliminates the need for a significant amount of inactive materials and capital-intensive processes like drying and electrolyte filling, thus dramatically reducing manufacturing cost.

“We, along with our licensee partners, have made tremendous progress commercializing the SemiSolid™ platform over the past year,” said Naoki Ota, President and CEO of 24M. “During that time we have been able to substantially improve the performance and safety of our cells while our license partners, Kyocera and GPSC, have expanded their commercial operations.”

“We continue to see rapidly increasing demand for lithium-ion batteries due to accelerating growth in electric vehicles and renewable energy, and the SemiSolid™ platform offers the best combination of cost and performance to address that need,” said Hiroaki Murase. “Through this investment and our ongoing partnership with 24M, ITOCHU will continue its activities to find partners to rapidly expand the global production of SemiSolidTM lithium-ion batteries.”

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 safety, reliability and 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.

Media Contact
24M
Pang Tan, VP of Business Development
info@24-m.com

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CAMBRIDGE, Mass. – December 21, 2020 – FREYR AS and 24M Technologies, Inc. have signed a definitive License and Services Agreement to use 24M’s SemiSolid lithium-ion battery platform technology in FREYR’s planned facilities in Mo i Rana, Norway.

FREYR is targeting the development of over 40 GWh of scalable, modular battery cell production capacity via a phased development approach utilizing deep partnership-based strategies, including in-licensing of next generation technologies. 24M’s SemiSolid platform technology provides unique opportunities for the production of cost-optimized, application-specific designs in both grid and electric mobility markets.

“24M has fundamentally redesigned the traditional LIB cell technology and production platform, delivering higher energy density per battery while enabling substantial reduction in capex, operating costs, CO2 emissions and physical footprint of the manufacturing facility as compared to conventional solutions. By combining the 24M platform with access to clean, low-cost renewable energy and Norway’s highly skilled engineering-based workforce, we will deliver on our goal of delivering safe, high quality batteries with the lowest cost and carbon content. We are now in the process of accelerating and increasing our ambitions to scale up production for all relevant market segments,” said Tom Jensen, the CEO of FREYR.

24M has drastically reduced the number of steps required to manufacture traditional battery cells, while still using conventional lithium-ion raw materials. This reduces the capital expenditures and enables substantial operational cost saving while increasing production throughput. 24M’s SemiSolid battery cell simplifies and enables stronger recycling opportunities. The production platform is highly flexible, works across all chemistries and can be re-tooled for various sized batteries and cathode and anode chemistries.

“We are very pleased to have entered this partnership with FREYR. We were very impressed with the team, their approach and their very ambitious growth plans. We believe that our technology, coupled with FREYR’s capabilities and commitment to expand the business will ultimately be an important part of the decarbonization of the energy and transportation sectors,” said Naoki Ota, President & CEO of 24M Technologies Inc.

The license agreement provides FREYR with rights to unlimited production of battery cells based on 24M’s current and all future technology. This will enable FREYR to benefit from 24M’s ongoing R&D and integrate future versions of the SemiSolid platform into its production and sales of battery cells into all market segments. FREYR will pay both upfront and running fees to 24M.

FREYR is experiencing strong interest for its battery cell production plans based on this technology and the company has recently announced several initial agreements for industrial scale offtake of battery cells in marine and stationary segments and for long-term supply of battery materials and production equipment. FREYR continues to develop partnerships across the value chain, which will be announced as they are formalized.

About FREYR AS
FREYR plans to develop over 40 GWh of battery cell production capacity by 2025 to position as one of Europe’s largest cell suppliers. The facilities are located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, marine and aviation applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the necessary expansion of the battery value chain in our region. For more information, go to www.freyrbattery.com.

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 safety, reliability and 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.

Media Contact:

24M
Pang Tan, VP of Business Development info@24-m.com

FREYR AS
Tom Einar Jensen,CEO tom.jensen@freyrbattery.com
Steffen Føreid, CFO steffen.foreid@freyrbattery.com
Hilde Rønningsen, Director of Communications hilde.ronningsen@freyrbattery.com

KYOTO, Japan & CAMBRIDGE, Mass. – Jan 6, 2020 – Kyocera Corporation (President: Hideo Tanimoto) and 24M (President & CTO: Naoki Ota) announced today that Kyocera has formally launched its residential energy storage system, Enerezza, the world’s first system built using 24M’s novel SemiSolid electrode manufacturing process. In addition, Kyocera has extended its commitment to 24M’s unique manufacturing platform with plans to start full-scale mass production in the fall of 2020.

CAMBRIDGE, Mass. – May 1, 2019 – 24M announced today it has manufactured and delivered 40, 110 Amp-Hour (Ah) Lithium-ion cells to its partner Global Power Synergy Public Company Limited (GPSC), the Power Flagship Company of PTT Group. GPSC, in collaboration with PTT, Thailand’s state-owned energy company, will assemble these large format cells into 48V modules for stationary storage projects in Thailand and field them for application validation.

The delivery of these grid-scale battery cells based on a lithium iron phosphate cathode follows the recent delivery of high energy density, NMC-based EV cells to the United States Advanced Battery Consortium (USABC) in February. These milestones further validate 24M’s chemistry-agnostic, capital-efficient, low-cost approach to advanced lithium-ion battery manufacturing.

The SemiSolid electrode platform provides unique opportunities for cost-optimized, application-specific designs in both grid and EV markets. Specifically, for grid-storage, thicker electrodes deliver a significant structural bill of materials advantage via inactive material reduction, while offering robust abuse tolerance, long life, and unique recycling attributes.

“We’ve proven the novel 24M SemiSolid battery design is production-ready using our semi-automated pilot facility in Cambridge,” said Rick Feldt, President and CEO of 24M. “We look forward to working with our partners to scale this technology further in the coming months.”

“We’re excited to take our partnership with 24M into field deployment and testing,” said GPSC’s representative. “Low-capital, high-performance battery storage will be critical to securing the region’s power supply and advancing the transformation of our energy systems.”

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 GPSC
GPSC is an electricity and utility flagship of PTT group with core business to generate and supply electricity, steam, and utilities to its industrial customers, Electricity Generating Authority of Thailand (EGAT), and Provincial Electricity Authority (PEA). The total generating capacity according to the Equity MW is close to 5,000 MW of electricity. For more information, please visit www.gpscgroup.com.

Media Contact:

Stephanie Malkus for 24M
smalkus@tieronepr.com
314-920-6125

CAMBRIDGE, Mass. – March 20, 2019 – On Thursday, March 28, 2019, 24M CTO Naoki Ota will discuss the company’s unique Dual Electrolyte System at the International Battery Seminar & Exhibit in Fort Lauderdale, Fla. The system makes it possible to manufacture cells with compositionally distinct electrolytes — anolytes and catholytes — at scale, enabling next-generation chemistries capable of providing industry-leading energy density (+ 350Wh/kg), while improving cycle life, safety and cost.

The 24M SemiSolid electrode platform provides the foundation for its Dual Electrolyte System, dramatically improving overall manufacturing capital efficiency, while allowing distinct approaches to cell design and chemistry. The novel 24M cell architecture uses an ionically conductive, non-permeable separator to isolate the anolyte from the catholyte, while eliminating solid-to-solid interface issues that have plagued full solid-state approaches to date. 24M’s work with numerous world-class materials manufacturers has shown this approach will be both manufacturable and cost-effective.

“Using compositionally distinct electrolytes is a game changer for battery manufacturing and we’ve proven the fundamental technology,” said Rick Feldt, President and CEO of 24M. “At the conference, Naoki will discuss how the 24M Dual Electrolyte System expands the universe of potential electrolytes, including water and other materials that to-date have not been compatible with both the anode and cathode simultaneously.”

The architecture of the 24M cell and manufacturing process for SemiSolid electrodes have been proven via many tens-of-thousands of cells over the past eight years of development. This work has laid the foundation for the development of the Dual Electrolyte System, the initial testing of which will be discussed at the seminar.

“The unique 24M approach to compositionally distinct electrolytes makes it possible for 24M to embark on radical new directions in anode and cathode chemistry,” said Koji Hasegawa, General Manager, Industrial Chemicals Department, Itochu Corporation. “Seldom in lithium-ion battery development has such a possibility been realizable, but the advancement in solid-state ion conductors and 24M’s SemiSolid electrodes opens this possibility.”

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.

Media Contact:
Stephanie Malkus for 24M
smalkus@tieronepr.com
314-920-6125

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CAMBRIDGE, Mass. – February 26, 2019 – 24M announced today it has developed and delivered commercially viable, high energy density lithium-ion cells. Using its novel SemiSolid lithium-ion battery design in its pilot facility, 24M achieved energy densities exceeding 250 watt-hours per kilogram (Wh/kg), the current state-of-the-art industry benchmark for EV applications. These deliveries represent a significant milestone in the 24M mission to scale its unique, capital-efficient, low-cost approach to advanced lithium-ion battery manufacturing.

CAMBRIDGE, Mass. – December 17, 2018 – 24M announced today it has raised a $21.8 million Series D to accelerate the deployment of its simple, capital-efficient, low-cost manufacturing process and the development of differentiated, high energy density lithium-ion cells for the EV market.

The financing was led by advanced ceramics manufacturer Kyocera Group and leading global trading company, ITOCHU Corporation. Also participating in the round were previous investors, including North Bridge Venture Partners.

24M introduced its novel SemiSolid lithium-ion battery design in 2015, and has since leveraged its own semi-automated pilot facility to substantially advance both cell design and production readiness. 24M is now ready to globally scale its unique, capital-efficient, low-cost approach to advanced lithium-ion battery manufacturing.

The SemiSolid process, which uses electrolyte as the processing solvent, eliminates capital and energy intensive steps like drying, solvent recovery, calendaring and electrolyte filling. 24M leverages the process via differentiated cell designs, eliminating the need for significant inactive material (copper, aluminum and separator), resulting in both a structural bill of materials advantage and a lower cost to manufacture. Further, the incorporation of electrolyte during the binderless slurry mixing process presents unique approaches to high energy density cell designs that have heretofore been impossible to explore.

“We’ve been working diligently to advance our innovative technology and manufacturing process to address both the low-cost grid market, and, more recently, the high energy density requirements of the EV market,” said Rick Feldt, President and CEO of 24M. “We recognize the importance of a high-performance, low-cost solution to a market moving towards regional production, and are ready to scale our cells and manufacturing process.”

“Demand for lithium-ion batteries is escalating rapidly due to increasing interest in electric vehicles and renewable energy, and the differentiated 24M manufacturing process and radical approach to cell design offers a powerful solution to cost-effectively respond to this need with a superior product,” said Koji Hasegawa, General Manager, Industrial Chemicals Department of ITOCHU Corporation. “Through this investment, ITOCHU is excited to be working closely with 24M to promote the global production of next-generation SemiSolid lithium-ion batteries.”

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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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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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).

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.

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

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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.

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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