The company has received a total of $6m from the Advanced Research Projects Agency – Energy (ARPA-E), an organization within the US Department of Energy for its collaborative effort with MIT and Rutgers to further develop this technology.
This is in addition to $10m, which 24M Technologies has secured in Series A financing from Charles River Ventures and North Bridge Venture Partners for the applications of this technology.
The technology that originated with A123 and was further developed at MIT, combines attributes of rechargeable batteries, fuel cells, and flow batteries to develop energy storage systems for emerging markets, including transportation and the electric grid.
A123 Systems president and CEO David Vieau said that this agreement with 24M highlights A123 Systems’ substantial R&D pipeline and exemplifies its ongoing commitment to cultivating disruptive, innovative technologies while remaining focused on growing its grid and transportation businesses.
“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,” Vieau said.
