• 24M Technologies (24M), a semi-solid lithium-ion battery developer, has secured an investment of three-digit million US dollars from the Volkswagen Group (VW), as a part of the company’s Series F funding round. Following the transaction, VW will own a 25% stake in 24M.

• VW plans to establish a wholly-owned subsidiary that will, in cooperation with 24M, develop semi-solid batteries for automotive applications.

<ul><li>The collaboration was first announced in December 2021.</ul>

<ul><li> Analyst QuickTake: 24M’s semi-solid technology has already been commercialized for residential energy storage in Japan. However, this is not the first time that the company has shown interest in rolling out its technology for automotive applications. 24M has signed a license and service agreement with Lucas TVS, an Indian automotive electrical components company, to construct a giga factory in India in August 2021. A part of the proceeds from 24M’s Series E funding round was also allocated for expanding into electric vehicle applications.</ul>