24M Technologies raised $500M over 16 years.

Now reportedly shutting down.

They were backed by Volkswagen, Kyocera, and ITOCHU and valued at $1.3B in September 2024.

They pioneered semi-solid battery manufacturing.

The technology found customers, but not theirs.

24M licensed its SemiSolid platform to Freyr for up to 40 GWh in Norway.

Freyr built a pilot plant and stopped.

They would not have made it on a larger scale.

In November 2024, Freyr terminated the license. It pivoted to solar panels.

Volkswagen took a 25% stake in 2022, but the technology doesn't seem to be in its roadmap.

The only successful customer they have is in Japan.

Kyocera ships residential batteries in Japan and plans to reach 400 MWh per year.

It's a very low capacity.

In China, the semi-solid battery industry is already larger in scale than in Japan, Europe, or the USA.

The players are scaling up without 24M.

• SAIC delivers EVs with semi-solid packs from Qingtao.

• Qingtao Energy runs 2 GWh capacity and builds 25 GWh more.

• Svolt, WeLion, and Ganfeng committed production lines.

24M held 700+ patents and applications, and the right concept.

But Western licensees never moved past the pilot stage.

Chinese manufacturers adopted semi-solid on their own terms.

The market 24M created grew in the one region where it had no foothold.

The technology scales without them.