24M Technology
Battery manufacturing licensor betting on SemiSolid cell tech for EVs.
On the record
Checkpoint: Confirmation of bankruptcy filing, wind-down, or asset sale to a strategic acquirer
The call
24M built patented battery manufacturing tech but never landed a paying gigafactory customer, and by March 2026 it was auctioning off property with no buyer named.
24M Technologies invented a new way to make batteries using semi-solid technology, which they planned to license to electric vehicle companies instead of building factories themselves. The problem was that car makers would not pay upfront to use the technology before they knew if they would actually need the batteries, and larger competitors like CATL and LG Energy Solution kept making regular batteries cheaper and better. When the company's biggest customer, Freyr, backed away in late 2024 and other battery startups also failed around the same time, there was no path left to make money, so 24M laid off staff and closed down by March 2026.
Why
01
AI pressure: None apparent. This is a battery materials and manufacturing licensing business, not one AI models or agents compete in. Could AI do the core job? Unlikely.
02
Bigger players: CATL, LG Energy Solution, Panasonic, Samsung SDI. Conventional lithium-ion incumbents already run in-house gigafactories at scale, and licensee Freyr walked away to CATL-style suppliers in Nov 2024. Could a giant copy it? Probably.
03
What protects it. Only a strategic buyer like Volkswagen, Kyocera, or Mitsui O.S.K. Lines picking up the IP with a real customer order could keep this alive.
What would change this call
24M files for bankruptcy or announces formal wind-down by mid-2026. Confirms licensing model could not survive without customer capital commitments.
Volkswagen, Kyocera, Asahi Kasei, or Mitsui O.S.K. Lines acquires 24M's IP or assets. Shows the technology had residual value only to a strategic acquirer, not standalone.
No new licensee signs to replace Freyr within the next year. Confirms the gigafactory licensing model failed to find a paying customer base.
Volkswagen, Kyocera, Asahi Kasei, or Mitsui O.S.K. Lines acquires 24M's IP or assets. Shows the technology had residual value only to a strategic acquirer, not standalone.
No new licensee signs to replace Freyr within the next year. Confirms the gigafactory licensing model failed to find a paying customer base.
Key numbers
- $87M Series H closed at $1.3B valuation
- Freyr terminated its 24M license
- $500-526M raised total over 16 years
Named risks
- Operational shutdown or bankruptcy following March 2026 layoffs and asset auction reports.
- Licensing business model required customer capital commitment before EV demand materialized.
- Sector-wide EV battery startup collapse, Natron shut down and SES AI pulled back in 2025-2026.
- Loss of marquee licensee Freyr in November 2024 removed key gigafactory revenue path.
- Leadership opacity, CEO did not respond to press inquiries during March 2026 crisis.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| CATL, LG Energy Solution, Panasonic, Samsung SDI | losing to | Conventional lithium-ion incumbents kept lower cost structures, never needed 24M's process, as of 2026 |
| Freyr | losing to | Marquee licensee terminated its 24M license in November 2024 and pivoted to solar |
| QuantumScape | gaining on | Public, VW-backed solid-state rival up about 104 percent year to date as of December 2025 |
| SES AI | contesting | Also pulled back from EV automaker trials in March 2026, shares down about 80 percent since 2022 IPO |
| Factorial Energy | contesting | Pivoting away from EVs toward drone batteries as of March 2026, mirroring 24M's own CES 2026 drone pivot |
Questions people ask
- Is 24M Technologies still operating in 2026?
- No. The Boston Globe reported March 26, 2026 that 24M conducted extensive layoffs and effectively shut down, with CFO Richard Chleboski saying the company was weighing its future and considering all strategic and financial alternatives.
- Did 24M Technologies go bankrupt?
- As of March 12, 2026, MIT Technology Review reported 24M was auctioning off property per The Information, and by March 26, 2026 the Boston Globe described the company as effectively shut down, though no formal bankruptcy filing had been confirmed at that point.
- Who owns 24M Technologies?
- 24M was privately backed, with Volkswagen acquiring a 25 percent stake in early 2022. Its Series H round of $87 million, closed September 5, 2024, valued the company at $1.3 billion and was led by Nuovo+ with Asahi Kasei, Kyocera, Dai Nippon Printing, Lucas TVS and Mitsui O.S.K. Lines participating.
- Could AI replace 24M Technologies?
- No. 24M's core value was patented SemiSolid manufacturing IP and materials science, not a software workflow. The company itself used machine learning for materials discovery under a 2025 DOE ARPA-E sodium-metal battery project, but its collapse was driven by EV demand and licensing failures, not AI disruption.
- Is 24M Technologies a safe company to join in 2026?
- No. As of March 2026 the company had conducted extensive layoffs and was described as effectively shut down, with the CFO stating all strategic and financial alternatives were under consideration and the CEO not responding to press inquiries, per Boston Globe reporting March 26, 2026.
- Who is 24M Technologies' biggest competitor?
- Incumbent lithium-ion giants CATL, LG Energy Solution, Panasonic and Samsung SDI dominate cell manufacturing at lower cost, while next-gen peers like QuantumScape (VW-backed, up about 104 percent year to date as of December 2025) and SES AI compete in advanced battery chemistry.
Timeline
- 2026-03-26Boston Globe reports 24M conducted extensive layoffs, CFO weighing all strategic alternatives
- 2026-03-12MIT Technology Review reports 24M auctioning off property per The Information
- 2026-0124M demonstrates high-density batteries for drones at CES
- 2025-09Competitor Natron Energy shuts down operations
- 2025-03-3124M recognized on TIME's World's Top GreenTech Companies list
- 2025-03-1824M named a Fast Company 2025 World's Most Innovative Company
- 2024-11Freyr terminates its 24M license and pivots to solar
- 2024-09-0724M opens 100 MWh pilot plant in Rayong, Thailand
- 2024-09-0524M closes $87M Series H at $1.3B post-money valuation
- 2024-02-1424M announces Eternalyte electrolyte claiming 1,000-mile EV range
Revision history
29 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- 24M Technologies raised $500M over 16 years... (2026-03-23)
- 24M Raises $87 Million in Series H Preferred Investment Round (2024-09-05)
- Battery cell developer 24M opens pilot plant in Thailand (2024-09-07)
- Battery startups in Massachusetts are hit hard amid EV pullback (2026-03-26)
- Brutal times for the US battery industry (2026-03-12)
- 24M Claims The 1000 Mile Battery Is Nearly Here (2024-02-14)
- 24M Named a Fast Company 2025 World's Most Innovative Company (2025-03-18)
- arpa-e.energy.gov (2026-05-23)
- 24M Recognized on TIME's World's Top GreenTech Companies 2025 (2025-03-31)
- 24M Technologies Revenue, Funding & Valuation (2024-10-04)
- 24M Technologies, Inc. Asset Profile
- Simplifying the Production of Lithium-Ion Batteries (2023-04-25)