Vehicle OEM Volkswagen Group (VW) will manufacture next-generation lithium-ion batteries for its electric vehicles following a deal with semi-solid battery developer 24M Technologies.
Through a wholly owned subsidiary VW will, in cooperation with 24M, develop semi-solid battery cell technology for automotive applications.
The deal included VW taking a 25% stake in 24M with a “three digit millions of US dollars” investment in the latter’s Series F funding round. VW will make additional investments promoting automotive developments based on the 24M’s core technology.
Additionally, Dr. Steffen Blase, head of group mergers & acquisitions at Volkswagen, will join 24M’s board of directors.
A 24M spokesman told BEST “it’s still too early” to say what the new subsidiary will be called, when it will be established, what location the new subsidiary will be headquartered, where the batteries be manufactured, and when the first batteries using 24M’s technology would be ready for use in commercial vehicles.
VW’s electric vehicle drive
Volkswagen CEO Ralf Brandstätter has stated the firm is continuing to press ahead with the transition to e-mobility and the company aims “in a very short time” to reach a top position for BEVs in Europe.
Last year, the firm delivered more than 369,000 electric vehicles (BEVs and PHEVs) worldwide.
The Group claims to be the European market leader for battery-electric vehicles and achieved the second-largest share of the key US market with about 7.5%.
In China, 92,700 BEVs were delivered, more than four times the figure for 2020.
Sales of plug-in hybrids worldwide also rose to 309,500 units (+61%).