24M Technologies, Inc. (24M) has finalized its deal, announced in December 2021 (earlier post) with Volkswagen Group (VWAG). Through the strategic partnership, Volkswagen will manufacture next-generation lithium-ion EV batteries using the 24M SemiSolid platform for use in Group electric vehicles.
Volkswagen Group acquired a 25% stake in 24M and will establish a wholly-owned subsidiary that will, in cooperation with 24M, develop a SemiSolid battery cell production technology for automotive applications.
Volkswagen AG invested a three digit millions of US dollars in 24M’s Series F funding round and will make additional investments promoting automotive developments based on the 24M core technology. Additionally, Dr. Steffen Blase, Head of Group Mergers & Acquisitions at Volkswagen AG, will join 24M’s Board of Directors.