Two battery technology start-ups in Massachusetts have filed paperwork indicating that they have each raised more than US$20 million in new investment.
24M Technologies, a Cambridge-based firm that produces semi-solid lithium-ion cells, filed a Form D with the US Securities and Exchange Commission indicating that they raised more than $21.8m through an equity release.
Woburn-based SolidEnergy Systems similarly filed a Form D indicating that they raised more than $28.8m, also through an equity release.
24M Technologies was co-founded by Massachusetts Institute of Technology (MIT) professor Yet-Ming Chiang, who had the same role in the foundation of A123 Systems in 2001. Chiang helped to spin 24M out of A123 Systems— two years before the latter filed for bankruptcy and was subsequently acquired by China’s Wanxiang automotive components group.
SolidEnergy, founded in 2012 as an MIT spin-off, developed and produces lithium metal cells under the trademark Hermes (High Energy Rechargeable Metal Cells for Space). In 2013, SolidEnergy signed a research and development with A123 Venture Technologies, a business incubator that was launched after A123 was bought out of bankruptcy.
Earlier this year, lithium battery firm A123 Systems said it would invest $40 million in a new, consolidated corporate headquarters, manufacturing centre, and engineering base on 32 acres in Novi, Michigan. But as part of the consolidation, 200 manufacturing jobs were being cut, the company said.