KEYWORDS: Beta Technologies, 24M, Furiosa, Yoto, Nourished, Viken Detection, Battery Technology, electric vehicle, grid storage, manufacturing
DEALS OTHER HIGHLIGHTED
Below is detail on 24M deal, but here are a few other deals highlighted.
The company raised $425.62 million of Series A venture funding in a deal led by Fidelity Management & Research on May 24, 2021, putting the company’s pre-money valuation at $1.03 billion. Amazon.com also participated in the round. The funding will be used to refine the company’s electric aircraft’s propulsion system and controls, as well as to build out manufacturing space, including expanding its footprint in Vermont on land at the Burlington International Airport.
The company raised KRW 80 billion of Series B venture funding from Naver, DSC Investment and Aion Asset Management on May 31, 2021, putting the company’s pre-money valuation at KRW 180 billion.
The company raised GBP 12.02 million of Series A venture funding in a deal led by Acton Capital on May 11, 2021, putting the company’s pre-money valuation at GBP 44.51 million. Emerge Education(VC), Global Founders Capital, JamJar Investments, Caddie Venture, MPL Ventures and Sir Hossein Yassaie also participated in the round.
The company raised GBP 8 million of Series A venture funding in a deal led by ADM Ventures and Cibus Fund on May 10, 2021, putting the company’s pre-money valuation at GBP 42.9 million. Henkel Tech Ventures, RiverPark Ventures and Apater Capital also participated in the round. The funds will be used to develop the portfolio further, adding lines for kids and personalized protein bars to the range this year along with production expansion to the US.
The company raised $6.44 million of Series D venture funding from undisclosed investors on May 24, 2021, putting the company’s pre-money valuation at $50 million.
DEAL PROFILED (M24)
M24, announced on May 17 it has raised a $56.8 million Series E to commercialize its simple, capital-efficient, low-cost SemiSolid™ manufacturing process and expand its technology development programs for grid storage and electric vehicle applications.
The financing was led by global trading company ITOCHU Corporation and as a part of the financing, Hiroaki Murase, General Manager of the Sustainable Energy Business Department, of ITOCHU will join 24M’s Board of Directors. Also participating in the round were new investors Fujifilm Corporation and Mirai Creation Fund II along with previous investors, including Kyocera Corporation, Global Power Synergy Public Company Ltd (GPSC) and North Bridge Venture Partners.
24M’s innovative SemiSolid™ manufacturing platform delivers market-leading price-performance. SemiSolid™ electrodes use no binder, mixing electrolyte with active materials to form a clay-like slurry with unique attributes. As a result, the 24M process eliminates the need for a significant amount of inactive materials and capital-intensive processes like drying and electrolyte filling, thus dramatically reducing manufacturing cost.
24M answers the world’s need for affordable energy storage by enabling a new, more cost-effective solution — SemiSolid™ lithium-ion technology. By re-inventing the design of the battery cell as well as the manufacturing method, 24M solves the critical, decades-old challenge associated with the world’s preferred energy storage chemistry: reducing its high cost while improving its safety, reliability and performance. Founded and led by some of the battery industry’s foremost inventors, scientists and entrepreneurs, 24M is headquartered in Cambridge, Mass.
Mr. Richard Chleboski serves as Chief Financial Officer at 24M. He serves as Chief Financial Officer at TeraDiode. He also serves as the President at RIAJ Enterprises. He was the Chief Executive Officer and a Board member at Bandgap Engineering. He co-founded Evergreen Solar in 1994. In December 2007, he assumed the position of Vice President of Strategy and Business Development. Prior to that, he served as Vice President of Worldwide Expansion since February 2006. He also served as the Company’s Chief Financial Officer and Treasurer for 12 years. He also served as a Director from June 1995 to May 2003. He worked at Mobil Solar Energy Corporation for seven years where he was the Strategic Planner focusing on developing long-range business plans working with strategic partners. Prior to becoming Strategic Planner, he was a Process Engineer responsible for innovating the operation of Mobil Solar’s manufacturing line as the expert on its performance. He received a B.S. in Electrical Engineering from the Massachusetts Institute of Technology and an M.B.A. from Boston College.
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PUBLISHER / EDITOR: JD Morris
WRITER: Will E
RESEARCH: Jack D, Charlotte E, and Sarah M.