Volkswagen Group and 24M Technologies have entered into a strategic partnership to manufacture next-generation lithium-ion EV batteries using the 24M SemiSolid platform. The goal is to industrialize the 24M technology, a semi-solid process that is an improvement over the dry coating process (earlier post), in the automotive battery area.
The target is to generate considerable cost optimization in future battery production, by reducing material usage and eliminating several steps from the conventional production process.
As part of the partnership, Volkswagen will make a strategic investment into 24M. In addition to the direct investments, Volkswagen will establish a wholly-owned subsidiary that will, in cooperation with 24M, develop a SemiSolid battery cell production technology for automotive applications.
With EV demand on the rise, carmakers need battery solutions that are beyond R&D and can be implemented immediately and cost-effectively. The SemiSolid manufacturing platform delivers on both. Through strategic partnerships with energy innovators like GPSC, Kyocera, AXXIVA, LucasTVS, FREYR, Koch Strategic Platforms and now Volkswagen, 24M has built an ecosystem to rapidly scale the SemiSolid manufacturing platform.
The 24M mission is to develop a better, cleaner energy future powered by SemiSolid technology. Our relationship with Volkswagen significantly expands the 24M ecosystem. Their investment, collaborative development and ability to scale globally will accelerate the SemiSolid manufacturing platform to replace the conventional manufacturing process and fast track electric vehicle adoption.
Prospective benefits include up to 40% less production area, considerable savings on investment and more efficient product recycling, as well as the reduction of the CO2 footprint of battery production. Implementing the process in large-scale production is targeted for the second half of the decade.
Completion of this transaction is subject to customary closing conditions.