Massachusetts – A new venture has spun out of A123systems that seeks to provide energy storage to utilities and the transportation industry. The new company, 24M Technologies, will work to commercialize large, utility-scale energy storage systems based on technology that originated with A123 and was further developed by MIT. The technology combines attributes of rechargeable batteries, fuel cells, and flow batteries according to the company.
While A123 will have an equity stake in 24M and a seat on the company’s board of directors, 24M will be a separate entity.
The company has literally launched with a bang. In its announcement, it said that it has secured $10M in series A financing from Charles River Ventures and North Bridge Venture Partners and that ARPA-E has awarded a total of $6M to a collaborative effort between 24M, MIT and Rutgers to further develop its technology, on top of previous funding to MIT from DARPA.
“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,” said David Vieau, president and CEO of A123 Systems.