Volkswagen Group Acquires 25% Stake In 24M Technologies

The strategic partnership deal has been finalized.

By: Mark Kane

Jan 19, 2022 at 1:24pm ET

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Volkswagen Group, step by step, expands its EV-related business, including investments in battery start-ups, like QuantumScape.

One of the most recent examples is a strategic partnership deal with the 24M Technologies - Cambridge-based battery start-up that offers the SemiSolid platform (dry coating) to improve battery manufacturing.

24M has just announced that the agreement has been finalized and Volkswagen Group acquired a 25% stake in the company.

The next step for Volkswagen Group will be to establish a wholly-owned subsidiary that together with 24M will "develop a SemiSolid battery cell production technology for automotive applications."

As we understand, Volkswagen Group will try to use the 24M's solution for in-house production of its "unified cells." The group invested a three-digit million dollars in the project so far.

"VWAG invested a three digit millions of U.S. dollars in 24M’s Series F funding round and will make additional investments promoting automotive developments based on the 24M core technology"

Other 24M Technologies partners are GPSC, Kyocera, AXXIVA, LucasTVS, Freyr and Koch Strategic Platforms.

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Dr. Steffen Blase, Head of Group Mergers & Acquisitions at Volkswagen AG, who will join 24M’s Board of Directors, said:

“The SemiSolidTM manufacturing platform offers the potential to substantially reduce capital and operating costs. Through our newly established subsidiary and our strategic partnership with 24M, we are focused on bringing the SemiSolidTM platform to automotive applications and believe we can develop cost-effective processes to meet the increasing demand for EVs.”

24M President and CEO, Naoki Ota said:

“Through strategic partnerships with energy innovators like GPSC, Kyocera, AXXIVA, Lucas TVS, FREYR, Koch Strategic Platforms and now VWAG, 24M has built an ecosystem to rapidly scale the SemiSolidTM manufacturing platform and develop a better, cleaner energy future. Our collaborative partnership with VWAG will help significantly expand the global reach of SemiSolidTM batteries and help fast track electric vehicle adoption.”