Strong valuation underscores significant confidence in 24M innovations and accelerating progress toward mass production and commercialization.
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.”