Brutal times for the US battery industry
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Battery company 24M Technologies is shutting down, reflecting struggles in the U.S. battery industry.
AI Summary
24M Technologies, a battery company founded in 2010, is shutting down and will auction off its property, as reported by Steve Levine at The Information. This closure follows a period where 24M was valued over $1 billion and developed innovations for lithium-ion battery manufacturing, including a simpler process and thicker layers to improve energy density. The company's demise is part of a broader trend of struggles within the US battery industry, with other companies like Natron Energy and Ample also facing shutdowns or bankruptcy. This situation reflects a tightening of investor funding and a cooling EV market, despite 24M's technology being compatible with existing lithium-ion chemistry. The article does not specify what happens next for 24M's technology beyond the auction of its property.
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24M Technologies will auction off its property as it shuts down.
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