Fujifilm capitalizes $20 million in 24M Technologies, developer of semisolid batteries

Japan's Fujifilm Holdings has announced that it will invest an additional $20 million into 24M Technologies, a U.S. developer of next-generation "semisolid" lithium-ion batteries.

The Massachusetts-based company raised $5 million from Fujifilm in 2020. Other backers of 24M include Volkswagen and Japanese trading house Itochu, currently the top shareholder.

Semisolid batteries are gaining attention from the electric vehicle industry, as the technology promises greater safety and lower manufacturing costs.

Naoki Ota, 24M President & CEO said "With the demand for lower-cost, higher-capacity batteries greater than ever before, we are thrilled to continue and expand our relationship with Fujifilm to help meet that need. Fujifilm brings almost a century of experience in high technology development and commercialization, and we look forward to working with them to further innovate the SemiSolid manufacturing platform."

Compared with conventional lithium-ion batteries, semisolid contains fewer materials and production equipment. The diminished volume of liquid electrolytes in semisolid batteries reduces the risk of fires and similar accidents.

As part of the deal, Fujifilm acquired the license to manufacture and sell 24M's semisolid batteries. The Japanese company seeks to apply its precision coating technology, developed through years of making display material and photographic film, when mass producing the batteries.