24M, a manufacturer of proprietary semisolid battery cells, closed a $87 million Series H funding round, bringing its total amount raised to over $500 million. This funding will help speed up the commercialization and mass production of the company’s offerings.
This Series H Preferred Stock financing was led by the company’s strategic partner and licensee, Nuovo+. Other strategic investors, including Kyocera Corporation, ASAHI Kasei, Dai Nippon Printing Company (DNP), Lucas TVS, and Mitsui O.S.K. Lines, also participated in this round.
Recently, 24M announced a new manufacturing and R&D facility in Rayong, Thailand, co-developed with and acquired from Nuovo +. The pilot manufacturing facility can produce up to 100 MWh of 24M SemiSolid battery cells. Nuovo+ used the proceeds from the facility sale to purchase $51.1 million of 24M Preferred Stock as part of the Series H round.
“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.”
According to Mercom’s recently released 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
In August, WATTALPS, a European lithium-based battery startup, has secured €11 million (~$12 million) in Series A funding. New investors led this funding round, including Supernova Invest, Move Energy, Ring Capital, and CASRA Capital. Existing investors like EIT InnoEnergy, Eximium, and EIC Fund participated in this round.
