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Press Release: USABC AWARDS $7 MILLION CONTRACT TO 24M TO DEVELOP LOWER COST EV BATTERIES, MANUFACTURING PROCESS

SOUTHFIELD, Mich., June 27, 2016 – The United States Advanced Battery Consortium LLC (USABC), a collaborative organization of FCA US LLC, Ford Motor Company and General Motors, today announced the award of a $7 million contract to 24M Technologies Inc. in Cambridge, Massachusetts, to leverage its breakthrough cell design and manufacturing process to deliver lower cost, automotive lithium-ion batteries, demonstrating their potential for mass production.

The competitively bid contract award is 50 percent cost share-funded by the U.S. Department of Energy (DOE).

The 36-month program will enable 24M Technologies to demonstrate that its novel electrode, cell and manufacturing approach can be scaled to mass production of automotive-capable, prismatic Li-ion cells that meet the USABC 2020 battery targets for electric vehicle applications.  The 24M approach leverages proven and emerging chemistries to produce Li-ion batteries with lower cost and less inactive materials content than existing Li-ion cells.

USABC is a subsidiary of the United States Council for Automotive Research LLC (USCAR). Enabled by a cooperative agreement with the U.S. DOE, USABC’s mission is to develop electrochemical energy storage technologies that support commercialization of hybrid, plug-in hybrid, electric and fuel cell vehicles. In support of its mission, USABC has developed mid- and long-term goals to guide its projects and measure its progress.  For more information, visit http://www.uscar.org/usabc

“The 24M Technologies contract award is part of USABC’s broad battery technology research and development programs,” said Steve Zimmer, executive director of USCAR. “Programs like this are critical to advancing the technology needed to meet both near- and long-term goals that will enable broader scale vehicle electrification.”

About DOE

The U.S. Department of Energy’s overarching mission is to advance the national, economic and energy security of the United States. DOE’s Vehicle Technologies Office works with industry, academia and national laboratories to develop advanced transportation technologies that reduce the nation's use of imported oil and increase its energy security. Electrochemical energy storage has been identified as a critical enabling technology for advanced, fuel-efficient, light and heavy-duty vehicles.

About USCAR

Founded in 1992, USCAR is the collaborative automotive technology company for FCA US LLC, Ford Motor Company and General Motors. The goal of USCAR is to further strengthen the technology base of the domestic auto industry through cooperative research and development. For more information, visit www.uscar.org.

6/27/16                                                ###

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