Source: Bloomberg
Summary
24M Technologies Inc. has raised $56 million in funding to scale up production of its battery technology. The startup’s new BAM-3 facility can make enough silicon anode material annually to supply about 100,000 long-range EVs. The company’s technology aims to reduce the cost of electric vehicle batteries. 24M has received funding from investors including Kyocera and Itochu. The company plans to use the funding to expand its manufacturing capacity.
Our Reading
The launch follows a familiar script.
24M Technologies Inc. has raised $56 million in funding to scale up production of its battery technology. The startup’s new BAM-3 facility can make enough silicon anode material annually to supply about 100,000 long-range EVs. Because what the world really needed was another “breakthrough” in battery tech that still requires massive funding and promises to change the game… eventually.
Author: Evan Null
The Funding Cycle Continues
24M Technologies Inc. has received $56 million in funding, which is just the latest in a long line of investments in battery technology.
Scaling Up Production
The startup’s new BAM-3 facility is expected to make enough silicon anode material annually to supply about 100,000 long-range EVs.
The Goal: Reduce Costs
The company’s technology aims to reduce the cost of electric vehicle batteries, which is a key factor in making EVs more competitive with gas-powered vehicles.
Investors On Board
24M has received funding from investors including Kyocera and Itochu, which indicates that there is still interest in investing in battery technology.
Expansion Plans
The company plans to use the funding to expand its manufacturing capacity, which will help it meet growing demand for its products.
