24M Technologies, a Cambridge, Mass.-based new venture focused on commercializing innovative energy storage systems, has secured $10m in Series A financing from Charles River Ventures and North Bridge Venture Partners.
24M will commercialize a novel technology that originated with A123 Systems, a developer and manufacturer of advanced Nanophosphate™ lithium ion batteries and systems, and Massachusetts Institute of Technology (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.
A123 will have an equity stake in 24M and a seat on its board of directors. A123 also expects to work closely with the company to support its development and commercialization efforts.
24M has simultaneously received a $6m award from the Department of Energy under the ARPA-E program.