24M Technologies was created to take the more standard Lithium-ion battery technology and combine it with ‘flow batteries’, those which use a flow liquid electrolytes.
The outcome of this is 24M’s semi-solid Lithium-ion batteries. The batteries use a new design and production process which, according to the company, will reduce the production costs by 50% and increase the performance of the battery.
Yet-Ming Chiang, 24M’s Chief Scientist, said: “The lithium-ion battery is a brilliant, enabling technology, but its economics are flawed. It’s prohibitively expensive; it’s cumbersome and inefficient to make; and today’s version is approaching the limits of its cost reductions. 24M has fixed the flaws. We’ve made the world’s favourite battery better, fundamentally changing its cost curve by designing a more elegant and simpler cell and then making the batteries the right way – the way they should have been made from day one.”
The semi-solid Lithium-ion batteries takes only one fifth of the time needed to create a traditional battery due to whole processes not being needed.
The company is so confident in its new cells that it believes that by 2020 the batteries could cost as little as $100 per kilowatt-hour.
24M has received a lot of interest from venture capital companies, having raised over $50m in its series A and B rounds. The US government has also provided $10.5m in grants to the company through the Department of Energy’s Advanced Research Projects Agency – Energy (ARPA-E).
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