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- 24M Technologies
24M Technologies Valuation, Funding & Investors
24M Technologies is valued at $1.3B as of September 2024.
Last 24M Technologies valuation
$1.3B
Series H · Sep 2024
Last 24M Technologies funding round
$87M
Series H · Sep 2024
Cumulative funding 24M Technologies raised
$166M
across 3 funding rounds
About 24M Technologies
24M Technologies is a Cambridge, Massachusetts-headquartered innovator in lithium-ion battery production for electric vehicles and grid storage. Its SemiSolid platform uses binder-free electrodes and simplified manufacturing to cut costs by 40 percent and enable direct recycling of active materials without pyrometallurgical steps. The company partners with Volkswagen and Toyota for scaled production.
Founded
2010
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing, Subscription
Valuation
$1.3B (Sep 2024)
24M Technologies Valuation
24M Technologies is currently valued at $1.3B, based on its Series H in September 2024.
The $87M round was led by Nuovo Plus, with participation from Asahi Kasei, Kyocera, Dai Nippon Printing, Mitsui O.S.K. Lines and Lucas TVS.
24M Technologies valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2024 | Series H | $1.3B |
24M Technologies Funding History
24M Technologies has raised a total of $166M across 3 funding rounds.
24M Technologies' first fundraising round was a $22M Series D in December 2018. The most recent completed round was a $87M Series H in September 2024.
24M Technologies funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Series H | Nuovo Plus (lead); Asahi Kasei; Kyocera; Dai Nippon Printing; Mitsui O.S.K. Lines; Lucas TVS | $87M | $1.3B | 24M Technologies, based in Cambridge, Massachusetts, develops transformative battery innovations using its chemistry-agnostic SemiSolid and Unit Cell manufacturing platform to reduce costs, improve safety, energy density, performance, and recyclability for applications in electric vehicles, grid storage, and industrial energy solutions. The company licenses its technology to manufacturing giants like Fujifilm, Kyocera, Volkswagen, and partners such as Nuovo+ for commercialization. On September 5, 2024, 24M closed an $87 million Series H preferred stock investment round led by Nuovo Plus (Nuovo+), a strategic partner and licensee, with participation from Asahi Kasei, Dai Nippon Printing (DNP), Kyocera, Lucas TVS, and Mitsui O.S.K. Lines. This all-equity round valued 24M at a post-money valuation of $1.3 billion, achieving unicorn status and bringing total funding raised to over $500 million across multiple rounds. The investment underscores strong confidence from strategic investors in 24M's innovations, particularly its ETOP (Electrode-to-Pack) technology, Impervio battery separator for fire risk reduction, and advanced manufacturing processes. Funds will accelerate mass production and commercialization efforts, including the acquisition and opening of a new R&D and pilot manufacturing plant in Rayong, Thailand, in partnership with Thai utility GPSC. 24M's leadership, including President and CEO Naoki Ota, highlighted the round's role in advancing industry-leading safety, range, recyclability, and performance to benefit consumers and partners. The company plans potential IPO processes in the second half of 2025. Recent honors include Reuters 2025 D.R.I.V.E Innovation Honour and Fast Company's 2025 World Changing Ideas Award for its battery separator technology. |
| May 2021 | Series E | ITOCHU (lead); Mirai Creation Fund; Kyocera; FUJIFILM; North Bridge Venture Partners & Growth Equity; Global Power Synergy | $57M | - | 24M Technologies develops and commercializes SemiSolid lithium-ion battery technology, which simplifies manufacturing by mixing electrolyte with active materials into a slurry, eliminating binders, drying, and electrolyte filling steps to reduce costs, improve performance, safety, energy density, and recyclability. The company targets applications in electric vehicles and grid storage. In May 2021, 24M raised $56.8 million in a Series E round led by ITOCHU Corporation, with participation from new investors Fujifilm Corporation and Mirai Creation Fund II, and existing investors Kyocera Corporation, Global Power Synergy Public Company Ltd. (GPSC), and North Bridge Venture Partners & Growth Equity. ITOCHU's investment made 24M an equity method affiliate, aiming to expand global SemiSolid battery production, license business, material supply, equipment, and recycling initiatives. At the time, 24M had advanced commercialization with licensee partners Kyocera and GPSC expanding operations, while improving cell performance and safety. The funding supports scaling the SemiSolid manufacturing platform and technology development for grid storage and EV applications. Later developments include a reported $410 million Series F in August 2021 and a Series H round of $87 million in September 2024 at a $1.3 billion valuation, led by investors like Asahi Kasei and others, bringing total funding to around $500 million and achieving unicorn status. Strategic partnerships with Japanese firms like Kyocera, Asahi Kasei, DNP, and ITOCHU highlight focus on cost-effective, sustainable battery production. |
| Dec 2018 | Series D | ITOCHU (lead); Kyocera (lead); North Bridge Venture Partners & Growth Equity | $22M | - | - |
Who has invested in 24M Technologies?
11 investors have backed 24M Technologies across its funding rounds, including Kyocera, ITOCHU, North Bridge Venture Partners & Growth Equity, Mirai Creation Fund, Asahi Kasei and FUJIFILM.
Lead investors include Nuovo Plus, ITOCHU and Kyocera.
24M Technologies Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Dec 2018 | ||
| 2 | Lead | Dec 2018 | ||
| 2 | Participant | Dec 2018 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Lead | Sep 2024 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | Sep 2024 | ||
| 1 | Participant | May 2021 | ||
This data is available for Pro users. Sign up to see all 11 24M Technologies investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free Trial24M Technologies Competitors
24M Technologies competitors include listed companies like Zwsoft and Imdex, and private ones like FlexGen, Tulip Interfaces, Motive and Nerdio.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $754M | - | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $133M | $12M | $1.3B | 6.9x | ||
| Publicly listed | $370M | $94M | $1.2B | 3.6x | ||
| Private | $600M | - | $1.2B | - | ||
| Private | $100M | - | $1.2B | 12.0x |
24M Technologies Public Comps
24M Technologies is still privately-owned, but its public comps include Camel Group Co, Zwsoft, T1 Energy, Emerald Horizon, Amprius, Imdex, FuelCell Energy, Sinopec Kantons Holdings, Eos Energy Enterprises and Fluence Energy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.4B | $220M | 0.5x | 0.5x | 5.6x | 6.1x | |||
| $133M | $12M | 7.4x | 6.9x | 79.9x | 49.1x | |||
| $755M | ($210M) | 2.7x | 2.2x | (9.7x) | 52.8x | |||
| $259K | ($523K) | 4824.8x | - | (2390.4x) | - | |||
| $72M | ($41M) | 18.4x | 10.9x | (32.1x) | 854.4x | |||
| $370M | $94M | 3.7x | 3.6x | 14.6x | 11.4x | |||
| $158M | ($149M) | 6.3x | 6.7x | (6.7x) | (12.0x) | |||
| $84M | - | 10.8x | - | - | - | |||
This data is available for Pro users. Sign up to see all 24M Technologies competitors and their valuation data. Start Free Trial | ||||||||
Common questions about 24M Technologies
| When was 24M Technologies founded? | 24M Technologies was founded in 2010. |
| Where is 24M Technologies headquartered? | 24M Technologies is headquartered in United States. |
| Is 24M Technologies publicly listed? | No, 24M Technologies is a private, VC-backed company. |
| What is 24M Technologies' valuation? | 24M Technologies was last valued at $1.3B in its Series H in September 2024. |
| How much funding has 24M Technologies raised? | 24M Technologies has raised $166M across 3 funding rounds. |
| What was 24M Technologies' last funding round? | 24M Technologies' last funding round was a $87M Series H in September 2024, led by Nuovo Plus. |
| Who are 24M Technologies' investors? | 24M Technologies' investors include Kyocera, ITOCHU, North Bridge Venture Partners & Growth Equity, Mirai Creation Fund, Asahi Kasei, Nuovo Plus, Dai Nippon Printing, Mitsui O.S.K. Lines, FUJIFILM, Global Power Synergy and 1 other. |
| Which companies are comparable to 24M Technologies? | Companies comparable to 24M Technologies include FlexGen, Tulip Interfaces, Zwsoft, Imdex, Motive and Nerdio. |
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