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24M, a manufacturer of proprietary semisolid battery cells, <a href="https://cms.mercomindia.com/energy-storage-company-24m-raises-87-million-series-h-funding/" target="_blank" rel="noopener">closed</a> a $87 million Series H funding round, bringing its total amount raised to over $500 million. This funding will help speed up the commercialization and mass production of the company’s offerings. This Series H preferred stock financing was led by the company’s strategic partner and licensee, Nuovo+. Other strategic investors, including Kyocera Corporation, ASAHI Kasei, Dai Nippon Printing Company (DNP), Lucas TVS, and Mitsui O.S.K. Lines, also participated in this round.
6K, a materials producer for energy storage and additive manufacturing powders, <a href="https://cms.mercomindia.com/battery-material-manufacturer-6k-raises-82-million-in-series-e-funding/" target="_blank" rel="noopener">closed</a> $82 million in a Series E funding round. This funding represents the first close of Series E, with the second close expected in late fall 2024. With this funding, the company will scale up its battery cathode active materials (CAM) production and expand its additive manufacturing of metal powders. The round involved existing investors in the company, including Anzu Partners, Energy Impact Partners, Launch Capital, Material Impact, and Volta Energy Technologies.
Original Clean Energy, a solar energy and storage system developer (a subsidiary of Clean Royalties), has <a href="https://cms.mercomindia.com/original-clean-energy-acquires-solar-energy-installer-isun/" target="_blank" rel="noopener">acquired</a> Williston, Vermont-based iSun and its companies SunCommon and Liberty Electric months after declaring bankruptcy. The acquisition and leadership transition is part of the company’s restructuring strategy to ensure financial stability and growth in the solar energy sector throughout New England and New York. iSun will soon rebrand as Legacy Power.
Upgrade Energy Philippines (UGEP), a solar energy and energy efficiency project developer, <a href="https://cms.mercomindia.com/upgrade-energy-secures-10-million-funding-from-clime-capital/" target="_blank" rel="noopener">announced</a> an investment from Clime Capital, a Singapore-based venture capital group focused on green energy transition, through the South East Clean Energy Fund II (SEACEF II). UGEP expects to receive up to $10 million from this fund. The capital injection is intended to support UGEP in expediting the deployment of solar energy infrastructure.
AMS Renewable Energy, a distributed solar and storage EPC (Engineering, Procurement, and Construction) company, has announced the <a href="https://cms.mercomindia.com/ams-renewable-energy-acquires-solar-construction-firm-collective-solar/" target="_blank" rel="noopener">acquisition</a> of Collective Solar, a distributed generation solar construction firm. With the acquisition of Collective and its construction platform, AMS will have in-house resources to scale design, engineering, logistics, procurement, and construction services for its developer and independent power producer clients. It also aims to explore growth opportunities nationwide.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-ma-roundup-battery-startup-wattalps-secures-12-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Energy Storage Company 24M Raises $87 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-energy-storage-company-24m-raises-87-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
24M, a manufacturer of proprietary semisolid battery cells, <a href="https://mercomcapital.com/energy-storage-company-24m-raises-87-million-series-h-funding/" target="_blank" rel="noopener">closed</a> a $87 million Series H funding round, bringing its total amount raised to over $500 million. This funding will help speed up the commercialization and mass production of the company’s offerings. This Series H preferred stock financing was led by the company’s strategic partner and licensee, Nuovo+. Other strategic investors, including Kyocera Corporation, ASAHI Kasei, Dai Nippon Printing Company (DNP), Lucas TVS, and Mitsui O.S.K. Lines, also participated in this round.
6K, a materials producer for energy storage and additive manufacturing powders, <a href="https://mercomcapital.com/battery-material-manufacturer-6k-raises-82-million-in-series-e-funding/" target="_blank" rel="noopener">closed</a> $82 million in a Series E funding round. This funding represents the first close of Series E, with the second close expected in late fall 2024. With this funding, the company will scale up its battery cathode active materials (CAM) production and expand its additive manufacturing of metal powders. The round involved existing investors in the company, including Anzu Partners, Energy Impact Partners, Launch Capital, Material Impact, and Volta Energy Technologies.
Original Clean Energy, a solar energy and storage system developer (a subsidiary of Clean Royalties), has <a href="https://mercomcapital.com/original-clean-energy-acquires-solar-energy-installer-isun/" target="_blank" rel="noopener">acquired</a> Williston, Vermont-based iSun and its companies SunCommon and Liberty Electric months after declaring bankruptcy. The acquisition and leadership transition is part of the company’s restructuring strategy to ensure financial stability and growth in the solar energy sector throughout New England and New York. iSun will soon rebrand as Legacy Power.
Upgrade Energy Philippines (UGEP), a solar energy and energy efficiency project developer, <a href="https://mercomcapital.com/upgrade-energy-secures-10-million-funding-from-clime-capital/" target="_blank" rel="noopener">announced</a> an investment from Clime Capital, a Singapore-based venture capital group focused on green energy transition, through the South East Clean Energy Fund II (SEACEF II). UGEP expects to receive up to $10 million from this fund. The capital injection is intended to support UGEP in expediting the deployment of solar energy infrastructure.
AMS Renewable Energy, a distributed solar and storage EPC (Engineering, Procurement, and Construction) company, has <a href="https://mercomcapital.com/ams-renewable-energy-acquires-solar-construction-firm-collective-solar/" target="_blank" rel="noopener">announced</a> the acquisition of Collective Solar, a distributed generation solar construction firm. With the acquisition of Collective and its construction platform, AMS will have in-house resources to scale design, engineering, logistics, procurement, and construction services for its developer and independent power producer clients. It also aims to explore growth opportunities nationwide.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-battery-startup-wattalps-secures-12-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://24-m.com/" target="_blank" rel="noopener">24M</a>, a manufacturer of proprietary semisolid battery cells, closed a $87 million Series H funding round, bringing its total amount raised to over $500 million. This funding will help speed up the commercialization and mass production of the company’s offerings.
This Series H Preferred Stock financing was led by the company’s strategic partner and licensee, Nuovo+. Other strategic investors, including Kyocera Corporation, ASAHI Kasei, Dai Nippon Printing Company (DNP), Lucas TVS, and Mitsui O.S.K. Lines, also participated in this round.
Recently, 24M announced a new manufacturing and R&amp;D facility in Rayong, Thailand, co-developed with and acquired from Nuovo +. The pilot manufacturing facility can produce up to 100 MWh of 24M SemiSolid battery cells. Nuovo+ used the proceeds from the facility sale to purchase $51.1 million of 24M Preferred Stock as part of the Series H round.
“24M has set forth to radically improve how the world manufactures and utilizes batteries, foremost with industry-leading safety, range, recyclability, and performance,” said Naoki Ota, 24M President and CEO. “This investment underscores the confidence and value our partners and investors have in 24M and our vision for a better energy future. It puts us on the path to more quickly bring our groundbreaking innovations to market for the benefit of consumers and our partners alike.”
According to Mercom’s recently released 1H and Q2 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
In August, WATTALPS, a European lithium-based battery startup, has <a href="https://cms.mercomindia.com/lithium-ion-battery-startup-wattalps-secures-12-million/" target="_blank" rel="noopener">secured</a> €11 million (~$12 million) in Series A funding. New investors led this funding round, including Supernova Invest, Move Energy, Ring Capital, and CASRA Capital. Existing investors like EIT InnoEnergy, Eximium, and EIC Fund participated in this round.

Energy Storage Company 24M Raises $87 Million in Series H Funding

Automotive electrical components manufacturer <a href="https://www.lucas-tvs.com/" target="_blank" rel="noopener">Lucas TVS</a> and U.S.-based <a href="https://24-m.com/" target="_blank" rel="noopener">24M Technologies</a> plan to set up a ₹25 billion (~$342.33 million) gigafactory near Chennai to manufacture innovative and disruptive lithium-ion (Li-ion) battery cells based on SemiSolid platform technology.
The first plant will be set up in Thervoy Kandigai, Gummudipundi near Chennai, and Lucas TVS is expected to build other plants throughout India to support the growing energy storage, electric mobility, and lead-acid battery replacement markets.
Lucas TVS plans to grow the plant&#8217;s capacity to a globally competitive scale of 10 GWh in two stages. The Chennai plant is expected to begin commercial production in the second half of 2023.
Lucas TVS has plans to build products using different chemistries, including &#8216;pouch&#8217; and &#8216;prismatic&#8217; cell formats, with high energy density. The products will meet customer needs in e-mobility, stationary energy storage, including grid-scale markets, replacing lead-acid batteries.
Meanwhile, 24M maintains that its trademarked &#8216;SemiSolid&#8217; platform has significant benefits compared to conventional manufacturing processes. The technology, protected by more than 80 issued and 100 pending patents, offers a significantly simpler process flow reducing capital costs substantially.
According to 24M, its technology delivers a thicker electrode, increasing energy density and reducing materials costs. Apart from the cost advantages, the patented cell design is said to enhance safety, reliability, and traceability by virtually eliminating potential metal contamination, the most common cause of short circuits in conventional lithium-ion cells.
In addition to these benefits, the &#8216;SemiSolid&#8217; electrode eliminates binders and enables the simplest and most efficient recycling of rejected or end-of-life cells.
Chief managing director of Lucas TVS, T K Balaji, said, &#8220;We believe in investing in next-generation technologies, which is why we chose to partner 24M. We are confident that their innovative technology will enable us to provide our customers affordable e-mobility, lead-acid battery replacement, and storage solutions with improved quality and best-in-class safety.&#8221;
Chief executive officer of 24M, Naoki Ota said, &#8220;Our innovative SemiSolid™ technology and ongoing research and development (R&amp;D) investments will support Lucas TVS&#8217;s ambition to become a leader in the energy storage space for mobility, lead-acid battery replacement, storage, and grid-scale markets in India.&#8221;
Earlier this year, U.S.-based lithium-ion battery manufacturer Barrel Energy had <a href="https://mercomindia.com/barrel-energy-set-up-battery-manufacturing/" target="_blank" rel="noopener">signed</a> a memorandum of understanding with Hyderabad-based Roshan Energy Technologies to develop and manufacture lithium-ion batteries in India and North America.
In March 2020, United States-based XNRGI <a href="https://mercomindia.com/us-based-xnrgi-lithium-ion-factory-gurugram/" target="_blank" rel="noopener">announced</a> that the company had opened a high-temperature lithium-ion battery factory in Gurugram, India. The facility has 240 MWh of battery production capacity.
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