New A123 Spinoff to Target EV & Grid Markets
CAMBRIDGE, MA - 24M Technologies has launched as a new venture focused on commercializing next-generation energy storage systems that use technology from lithium-ion battery developer A123 Systems and Massachusetts Institute of Technology.
The new company announced Aug. 16 that it has raised $10 million in Series A financing from Charles River Ventures and North Bridge Venture Partners. Moreover, 24M Technologies is working with MIT and Rutgers University on a technology development project that's attracted a $6 million grant from ARPA-E, a research arm of the U.S. Department of Energy.
"Our team has a proven track record of innovation and commercial success in energy and technology fields," said Throop Wilder, president of 24M. "By harnessing this entrepreneurial skill set, we will develop safe, reliable, scalable and ultra-low cost energy storage systems."
24M said it will commercialize technology that originated with A123 and was further developed at MIT. This technological advance "combines attributes of rechargeable batteries, fuel cells, and flow batteries to enable scalable cost-effective, high-energy storage systems for emerging markets, including transportation and the electric grid," the company said.