# 24M Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/24m-technologies

- Industry: Energy Storage & Batteries
- Headquarters: Cambridge, US
- Website: www.24-m.com
- Total disclosed funding: $201M
- Latest round: Series H (Sep 4, 2024)
- Investors on record: 13

## About

24M Technologies, Inc. is a U.S.-based company specializing in advanced battery solutions that enhance performance and efficiency for electric vehicles, energy storage systems, and consumer electronics.Founded in 2010 and headquartered in Cambridge, US, 24M Technologies, Inc. focuses on developing innovative battery technologies. The company has engaged in 10 investment deals, with its most recent funding round being a Series H in September 2024, raising USD 87 mn led by Nuovo Plus Co., Ltd. and supported by several other investors including Asahi Kasei Venture and Dai Nippon Printing. The founders include Shawn Wilkinson, Throop Wilder, W Carter, and Yet-Ming Chiang, while Naoki Ota serves as the current CEO.24M Technologies specializes in innovative battery solutions designed to enhance performance and efficiency in various applications, including electric vehicles (EVs), energy storage systems (ESS), and consumer electronics. The company's core offerings comprise the 24M ETOP (electrode-to-pack) platform, Eternalyte electrolyte, LiForever electrode, and the Impervio separator, all of which integrate seamlessly into existing production lines. These products address critical challenges such as cost, energy density, cold-weather performance, and recyclability, allowing manufacturers to create custom battery solutions tailored to specific use cases. The technology is primarily aimed at U.S. manufacturers, providing significant advantages in producing high-performing batteries domestically, thereby supporting the growing demand for sustainable energy solutions.Revenue generation for 24M Technologies is structured around partnerships and direct sales, focusing on B2B transactions with manufacturers in the automotive, aerospace, and electronics sectors. The company's flagship products, including the 24M ETOP platform and Eternalyte electrolyte, are offered to clients through tailored agreements that emphasize low capital investment and risk mitigation. These arrangements may include long-term contracts or subscription models that facilitate ongoing support and product integration. Specific pricing plans for these products are determined on a case-by-case basis, aligning with the unique requirements of each client, thereby maximizing return on investment while promoting advanced battery technologies.In September 2024, 24M Technologies, Inc. raised USD 87 mn in Series H funding led by Nuovo Plus Co., Ltd. This funding will be utilized to accelerate the commercialization and mass production of its offerings. The company is focused on launching new products and expanding into additional markets, with an emphasis on the automotive and energy sectors. Specific geographical regions targeted for expansion have not yet been disclosed.

## Funding rounds

- Series H, Sep 4, 2024, $87M — Kyocera Corporation, Lucas Venture Group, Dai Nippon Printing, Mitsui O.S.K. Lines, Asahi Kasei Venture, Nuovo Plus Co., Ltd.
- Series F, Jan 18, 2022 — Volkswagen
- Series E, May 18, 2021, $57M — North Bridge Venture Partners, Itochu, Kyocera Corporation, SPARX Group, Fujifilm Holdings Corporation, Global Power Synergy Company
- Series D, Nov 6, 2018, $22M — North Bridge Venture Partners, Itochu, Kyocera Corporation
- Series B, Jul 17, 2013, $25M — CRV, North Bridge Venture Partners
- Series A, Aug 11, 2010, $10M — CRV, North Bridge Venture Partners

## Investors

- CRV (https://capitalatlas.ai/funds/crv) — Series A, Series B
- North Bridge Venture Partners (https://capitalatlas.ai/funds/north-bridge-venture-partners) — Series A, Series B, Series D, Series E
- Itochu — Series D, Series E
- Kyocera Corporation — Series D, Series E, Series H
- SPARX Group (https://capitalatlas.ai/funds/sparx-group) — Series E
- Fujifilm Holdings Corporation — Series E
- Global Power Synergy Company — Series E
- Volkswagen (https://capitalatlas.ai/funds/volkswagen) — Series F
- Lucas Venture Group (https://capitalatlas.ai/funds/lucas-venture-group) — Series H
- Dai Nippon Printing — Series H
- Mitsui O.S.K. Lines — Series H
- Asahi Kasei Venture — Series H
- Nuovo Plus Co., Ltd. — Series H