Diversified trading group Itochu has led a $21.8m series D round for US-based energy storage technology producer 24M that included ceramics and electronics manufacturer Kyocera Group.
The round also featured North Bridge Venture Partners, which had joined fellow venture capital firm CRV for 24M’s $10m series A round in 2010.
Founded in 2010 as a spinoff from lithium-ion battery maker A123 Systems, 24M is developing semisolid lithium-ion battery cells for use in electric vehicles (EVs) and grid-scale energy storage.
The company claims its batteries that can store more energy for a lower price, by using electrolyte as the processing solvent and utilising differentiated cell designs that cut out the requirement for significant inactive materials.
24M had raised a total of $50m in series A and B funding from North Bridge, CRV and industrial investors including manufacturing and services firm IHI and oil and gas supplier PPT as of 2015, according to Forbes. It has not revealed details of its series C round.
Rick Feldt, 24M’s president and chief executive, said: “We have been working diligently to advance our innovative technology and manufacturing process to address both the low-cost grid market and, more recently, the high energy density requirements of the EV market.
“We recognise the importance of a high-performance, low-cost solution to a market moving towards regional production, and are ready to scale our cells and manufacturing process.”