A123Systems Spins Out 24M Technologies; Combining Attributes of Rechargeable Batteries, Fuel Cells and Flow Batteries
24M Technologies launched as a new venture focused on commercializing next-generation energy storage systems based on technology out of A123 Systems.
ARPA-E has awarded a total of $6M to a collaborative effort between 24M, MIT and Rutgers to further develop its technology (earlier post), on top of previous funding to MIT from DARPA. 24M Technologies has also secured $10 million in Series A financing from Charles River Ventures and North Bridge Venture Partners to target high energy density applications at lower cost than previously attainable.
24M will commercialize a novel technology that originated with A123 and was further developed at MIT that 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. 24M will initially focus on grid storage applications.
Redox flow batteries (RFB) are rechargeable chemical energy storage devices that use dissolved redox couples (an oxidizing agent and a reducing agent in an electron transfer process) held in separate external tanks; electricity is converted in a separate power module. (Earlier post.)
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.