- American-based battery technology developer acquires $9 million for battery technology.
- The firm got the funding through a competitive round.
- Funding is part of the ARPA-E’s initiative to accelerate the commercialisation of cell technology.
24M Technologies, a US-based technology provider, announced that it had acquired USD 9 million in grant funding to scale up its high lithium cell technology and promote it for use in electric aviation.
The grant was provided in a competitive round held as part of the Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E) initiative. “The program will accelerate our commercialisation activities and enable us to bring our revolutionary cell technology to the market rapidly,” CEO Naoki Ota stated.
In line with the technology for electric flights, 24M Technologies will also develop a commercial, modular pilot line for customer validation and a clear path to Giga scale production capacity.