TOKYO — Japanese trading house Itochu has become the top shareholder in an American company specializing in “semisolid” battery technology, which has the potential to slash manufacturing costs while also improving safety.
Itochu led a $56.8 million fundraising round for 24M Technologies, joined by other investors including Fujifilm and a fund run by Japan’s Sparx Group, according to a press release Monday from the Massachusetts-based company. Mass production of the new batteries is set to begin in Thailand this year under license from 24M.
With this additional investment, Itochu now owns about 30% of 24M. The move is another signal of the trading house’s recent focus on batteries to help meet surging demand amid concerns about the looming risk of a shortage.
While the electrodes of typical lithium-ion batteries use liquid electrolytes with layers of supporting materials, 24M’s…
