24M Technologies

24M Technologies is a Massachusetts Institute of Technology (MIT) spin-off that developed a proprietary SemiSolid cell manufacturing process and platform that mixes the electrolyte with active materials before forming the cell (unlike conventional lithium-ion batteries where the electrolyte is separated from active materials). Conventional lithium-ion battery cells have a significant amount of non-charge-carrying supporting metals and plastics while involving capital-intensive manufacturing processes like electrolyte filling and dying. 24M claims that its technology could eliminate over 80% of these inactive materials in battery cells, reducing manufacturing costs. The company also claims that semi-solid batteries made using this process would have a higher energy density—around 350 Wh/kg—compared to around 250 Wh/kg to 270 Wh/kg of the highest-density lithium-ion batteries.

In October 2023, 24M introduced an Electrode To Pack (ETOP) system. The product directly packages electrodes into the battery pack, eliminating the need for individual cells and modules. The company claims the product provides unparalleled energy density and maximum utilization efficiency at the pack level while reducing costs. Following this, in February 2024, the company launched a new electrolyte technology known as "Eternalyte" for lithium-metal batteries. The liquid electrolyte formula will provide notable improvements to the cycle life and rate capability of lithium-metal batteries.

Key customers and partnerships

In June 2019, Kyocera, a Japanese ceramics and electronics company, began the pilot production of 24M’s battery technology to validate its use in residential energy storage systems in the Japanese market. In January 2020, Kyocera rolled out Enerezza, a residential energy storage product line based on 24M’s technology, available in 5.0 kWh, 10.0 kWh, and 15.0 kWh capacities. In August 2021, Lucas TVS, an Indian automotive electrical components company, signed a license and service agreement with 24M Technologies to construct a giga factory in Gummidipundi, India, and expects to begin commercial production in the second half of 2023. 

In December 2021, 24M Technologies partnered with Volkswagen Group to develop electric vehicle (EV) battery cells using its SemiSolid technology. In line with this, in January 2022, Volkswagen invested three-digit million US dollars in 24M and now owns a 25% stake in the company. In September 2022, 24M licensed its SemiSolid manufacturing platform to Fujifilm Corporation. The latter also invested USD 20 million in 24M, building on the USD 5 million it invested in 2020, to validate the company’s technology. 

Funding and financials

In January 2023, 24M received a USD 3.2 million grant from the US Department of Energy’s 

EVs4ALL program to develop low-cost and fast-charging sodium metal batteries with good low-temperature performance. Prior to that in May 2021, 24M raised USD 56.8 million in a Series E funding round led by ITOCHU Corporation. The funds were expected to be used to commercialize the company’s battery technology and expand into grid storage and electric vehicle applications.