24M says it has acquired the 6,600 sq. metre facility in Rayong, Thailand, from its associate Nuovo+. Nuovo+ is reinvesting the 51.1 million {dollars} immediately as an investor within the American battery cell developer. Based on the companions, the plant is a “absolutely built-in, pilot manufacturing facility able to producing as much as 100 MWh of 24M SemiSolid battery cells.” 24M stories that it has already began pilot manufacturing on the new Thai web site “for a number one India-based mobility OEM and can ship preliminary validation samples this fall.”
Naoki Ota, President and CEO of 24M, describes the brand new facility in Rayong as an excellent platform to disclose his firm’s “industrial capabilities and groundbreaking innovation” and provides: “The ability gives the dimensions to reveal the numerous security, price, vary and recycling benefits of our portfolio and speed up the commercialization of our merchandise.”
The core improvements offered by 24M in current months embrace the binder-less SemiSolid electrode, a brand new electrolyte for lithium steel batteries, a direct recycling course of, a brand new sort of battery separator and a battery system known as ETOP, which stands for ‘Electrode-to-Pack.’ In different phrases, the electrodes on this system are to be built-in immediately into the battery pack.
24 M requires a big capital requirement to commercialize these approaches. As the corporate introduced, it just lately concluded an additional financing spherical (‘Collection H’), totalling 87 million US {dollars}. The vast majority of this sum is attributable to the aforementioned transaction with Nuovo+.
The corporate acts not solely as an investor and strategic associate of 24M, but in addition as a licence holder. 24M describes itself as a supplier of cell manufacturing platforms and earns its cash primarily by granting licences. It emerged from the battery producer A123 in 2010 and is headquartered in Cambridge, Massachusetts. Volkswagen acquired a 25 per cent stake in 24M in the beginning of 2022.
businesswire.com (Thailand), businesswire.com (financing spherical)