24M Technologies announced its launch on Monday as a new venture focused on commercializing next-generation energy storage systems based on technology originated at A123 Systems and further developed at the Massachusetts Institute of Technology (MIT), This technology 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. In addition, 24M announced the following funding news:
- 24M Technologies has secured $10M in Series A financing from Charles River Ventures and North Bridge Venture Partners.
- ARPA-E has awarded $6M to a collaborative effort between 24M, MIT and Rutgers to further develop the company's technology.
A123 will hold an equity stake in 24M and a seat on the company's board of directors. A123 also expects to work closely with 24M to support its development and commercialization efforts.
"We are thrilled to have the backing and validation of leaders in industry, finance, government and academia in the pursuit of game-changing energy storage solutions," said Throop Wilder, president of 24M. "The U.S. needs an all-hands-on-deck approach to compete in global markets that are heavily subsidized by foreign governments. Our team has a proven track record of innovation and commercial success in energy and technology fields. By harnessing this entrepreneurial skill set, we will develop safe, reliable, scalable and ultra-low cost energy storage systems."
"This agreement with 24M highlights A123 Systems' substantial R&D pipeline and exemplifies our ongoing commitment to cultivating disruptive, innovative technologies while remaining focused on growing our grid and transportation businesses," said David Vieau, president and CEO of A123 Systems. "We believe that 24M's technology has the potential to reduce energy storage costs for transportation and grid applications, and we look forward to helping the company as it leverages our research innovations for the development of commercially viable systems."
"This is a very exciting project with huge potential to disrupt the existing energy storage market. We are thrilled to support 24M Technologies in this great endeavor," said Izhar Armony, general partner at Charles River.
"This is a unique founding team pursuing a disruptive technology," said Jeffrey McCarthy, general partner at North Bridge. "Dr. Yet-Ming Chiang, the lead inventor of the technology, is a renowned scientist and energy entrepreneur whom we have backed before. Yet, of course, continues to remain fully engaged with A123 in his capacity as a co-founder. Teaming with Throop Wilder, another proven entrepreneur with multiple technical and business successes whom we have also backed before, and Dr. W. Craig Carter, a world-renowned materials scientist, they have created exactly the kind of team required for winning outcomes."