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Re-Inventing the Lithium-ion

Battery & Manufacturing Process

24M Technologies
About 24M

• Re-inventing the Li-ion Battery


– Cost reduction down to 50% of today’s cost
– Higher energy density, safer systems
• Dramatically simpler manufacturing
– Half the CapEx of conventional Li-ion
– Scale in small increments (1/10th conventional)
• Unlocks $100B+ market
– First market: stationary storage
– First supply MoU signed: NEC (hundreds of MWh)
– Next market: electric transportation
• Accelerating commercialization
– $40-50M Series Close: 1Q2016
– Customer Sampling: 2016
– Factory Complete: 2H2017
– High Volume Production: early 2018

2 Confidential
Company Timeline
• 2010: company founded
– Yet-Ming Chiang, Throop Wilder,
W. Craig Carter
• 2014-2015: automated line
running
– 32,000 sq. ft. facility
– 50+ employees
– MoU with NEC Energy Solutions • IP Capture: 15 issued patents
– 75+ pending
• Funding Events: $50M in equity
• 2016: Series C
– 2010: Series A, $10M VC
– Funds through factory
– 2013: B-1, $10M VC, $15M completion
(strategics)
– 2014: B-2, $15M PTT
• DOE Grants: $4.5M to date
3 Confidential
24M Customers: Architects, Integrators of the Energy Future
Market 1: Grid Integrator Centralized
DC Rack (100’s MWh)

Inverter
Substation
5-20MWh

DC Module Commercial
0.1 – 1MWh

Residential &
Off-grid
1-20kWh

Market 2: EV OEM Bus: 300kWh


Pack

Cell
EV: 20-100kWh

4 Confidential 10/14/2015
Today’s Li-ion Shortcomings: Too Much Mass, Volume, Cost
Cell Design Challenges Manufacturing Challenge:
Complex, wet/dry/wet operations

14 separate
inactive material
layers in 1mm
cross section

Inactive material fraction too high.


Inactive material cost % too high.

5 © 2015 24M Technologies, Inc. 2/22/2016


24M Solution: Semisolid Lithium-ion

Flowable high energy density lithium-ion Simpler device architecture, disruptive


electrodes low-cost manufacturing method
24M Conventional

Same scale

Novel semi-solid
electrode form

Materials design

6 Confidential 2/22/2016
24M Focus: Cell Products

High active fraction, lowest $/kWh Li-ion ever made

10,000 prototype cells built

7 © 2015 24M Technologies, Inc. 2/22/2016


Li-Ion Today: $500M Up-Front, $250/kWh/year Factory Output

Mixing

Coating &
Drying

Solvent Recovery

Slitting

Press/Calendar

8 © 2015 24M Technologies, Inc. 2/22/2016


Eliminating Half the Conventional Process

9 © 2015 24M Technologies, Inc. 2/22/2016


24M Eliminates Conventional Coating Plants

Conventional Li-Ion: 300MWh-1GWh, $303M

Coating Plant: 100,000 sq ft

Cell Assembly & Testing

© 2015 24M Technologies, Inc. 2/22/2016 10


BOM Comparison – 24M vs Conventional
Current 24M BOM Advantage
Components Unit Cost Conventional 24M
Cathode LFP 14.00/kg 100% ----
Carbon 45.00/kg 100% ----
Binder 27.00/kg 100% -100%
Electrolyte 15.50/kg 100% -4%
Al. Foil 1.20/m2 100% -61%
NMP 5.00/kg 100% -100%
Anode Graphite 12.00/kg 100% ----
Carbon 8.00/kg 100% ----
Binder 80.00/kg 100% -100% Significant, and
Electrolyte 15.50/kg 100% -12% inherent, bill of
Copper foil 1.39/m2 100% -63%
materials
Package Separator 1.25/m2 100% -82%
Pouch 4.00/m2 100% -49%
advantage for
Tab/Tape 0.51/unit 100% -52% 24M
TOTAL: 100% -40%

11 © 2015 24M Technologies, Inc. 2/22/2016


24M 120 MWh Line: Capex: $16M, $135/kWh/yr Throughput

6,000 ft2 Dry Room / 15,000 ft2 Non-Dry Room ($3.8M)

Anode Mix
COTS Anode
Equipment Dispense Cell Stack Packaging Lowest $/channel
and COTS Formation
Cathode Mix Cathode Assembly Equipment COTS Components
COTS Dispense
Equipment

$1.4M $3.2M $3.2M $4.4M

Costs shown for first line; costs driven down 30% with learning effects and repeatability

• 24M CapEx is 30-50% of conventional for same output


• Requires 1/20th the initial CapEx of conventional Li-ion
• Scalable to GWh in demand-matching steps
• Can place factories near centers of demand

12 Confidential 10/14/2015
24M: In Conclusion

Market: Answers the world’s need for affordable energy storage


• $100B+ global market fueled by:
• challenges of an aging grid infrastructure,
• integrating renewable energy sources and
• electric vehicles, among others

Product:
• Revolutionary Li-ion technology enabling thick electrodes
• Simple product design results in dramatically reducing the inactive
materials used in cells

Manufacturing:
• Simpler manufacturing processes with much lower capital investment
• Efficient manufacturing scalability allowing high manufacturing equipment
utilization

13 © 2015 24M Technologies, Inc. 2/22/2016

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