24M Technologies Launched to Develop Next Generation Energy Storage

August 17, 2010 – Vol.15 No.22

24M Technologies Launched to Develop Next Generation Energy Storage.

24M Technologies has been launched as a new venture focused on commercializing next-generation energy storage systems based on technology out of A123 Systems, a developer and manufacturer of advanced Nanophosphate(TM) lithium ion batteries and systems, and Massachusetts Institute of Technology (MIT). The company also announced 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. 24M Technologies has secured $10M in Series A financing from Charles River Ventures and North Bridge Venture Partners to target high energy density applications at radically lower cost than previously attainable.

24M will commercialize a novel 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. While A123 will have an equity stake in 24M and a seat on the company's board of directors, 24M remains a separate entity. A123 expects to work closely with 24M to support its development and commercialization efforts, while continuing to focus on delivering its core solutions to customers and maintaining its culture of innovation.

24M is backed by two leading venture capital firms, Charles River Ventures and North Bridge Venture Partners that are providing $10 million in Series A financing. Both firms have selectively invested in energy companies over the last ten years with successful outcomes. "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.

24M has simultaneously received an award from the Department of Energy under the ARPA-E program to develop its revolutionary technology. Working in conjunction with MIT and Rutgers, who also received DARPA funding at an earlier stage of the project, the company will focus its efforts on commercializing its breakthrough technology.

The Advanced Research Projects Agency - Energy (ARPA-E), an organization within the U.S. Department of Energy, is the country's first organization dedicated exclusively to supporting high risk, high reward energy research projects.

Links:

Advanced Research Projects Agency - Energy (ARPA-E)
http://www.arpa-e.energy.gov

Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: No