24M, a Cambridge, Mass.-based provider of a semisolid lithium-ion battery, raised $21.8m in Series D funding.
The round was led by advanced ceramics manufacturer Kyocera Group and global trading company Itochu Corporation, with participation from North Bridge Venture Partners.
The company intends to use the funds to accelerate the deployment of its manufacturing process and the development of high energy density lithium-ion cells for the EV market.
Led by Rick Feldt, President and CEO, 24M introduced its novel SemiSolid lithium-ion battery design in 2015, and has since leveraged its own semi-automated pilot facility to advance both cell design and production readiness. The company is now ready to globally scale its low-cost approach to advanced lithium-ion battery manufacturing.
24M’s SemiSolid process, which uses electrolyte as the processing solvent, eliminates capital and energy intensive steps like drying, solvent recovery, calendaring and electrolyte filling.