<article>Japan’s <a href="https://www.dealstreetasia.com/?s=ITOCHU+Corporation" target="_blank" rel="noopener">ITOCHU Corporation</a> and ceramics manufacturer <a href="https://www.dealstreetasia.com/?s=Kyocera+Group" target="_blank" rel="noopener">Kyocera Group</a> have led a $21.8-million Series D round for Cambridge-headquartered energy storage manufacturer <a href="https://www.dealstreetasia.com/?s=24M" target="_blank" rel="noopener">24M</a>, according to an announcement.</article>

Japan’s <a href="https://www.dealstreetasia.com/?s=ITOCHU+Corporation" target="_blank" rel="noopener">ITOCHU Corporation</a> and ceramics manufacturer <a href="https://www.dealstreetasia.com/?s=Kyocera+Group" target="_blank" rel="noopener">Kyocera Group</a> have led a $21.8-million Series D round for Cambridge-headquartered energy storage manufacturer <a href="https://www.dealstreetasia.com/?s=24M" target="_blank" rel="noopener">24M</a>, according to an announcement.
The round was joined by return investor North Bridge Venture Partners.
The proceeds of the latest financing round will help 24M scale its advanced lithium-ion battery manufacturing globally.
“We’ve 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,” said Rick Feldt, president and CEO of 24M.
Focused on energy storage innovations including grid-scale flow batteries, 24M Technologies is a spin-off of battery company A123Systems, which in 2012 filed for bankruptcy to sell its automotive operations, including two factories in Michigan.
Started off as a development program inside A123, 24M introduced SemiSolid lithium-ion battery design in 2015. According to a report by Technovio, the global lithium-ion battery market is projected to reach $81.65 billion by 2021.
“Through this investment, ITOCHU is excited to be working closely with 24M to promote the global production of next-generation SemiSolid lithium-ion batteries,” said Koji Hasegawa, general manager of Industrial Chemicals Department of ITOCHU Corporation.
Earlier this year, ITOCHU Corporation, which handles trading operations and a leader in the battery market, invested $7 million in UK-based energy innovation company Moixa.
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The proceeds of the latest financing round will help 24M scale its advanced lithium-ion battery manufacturing globally.

Japan’s ITOCHU, Kyocera lead $24.8m round for US company 24M

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Japan’s ITOCHU, Kyocera lead $24.8m round for US company 24M

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