A123 spinout 24M raises $10M Series A funding (Boston)
Battery startup 24M Technologies Inc. has received $10 million in Series A financing and will share in $6 million of federal funding to develop its technology, the company announced today.
The company’s technology is spun out of research at MIT and lithium ion battery company A123 Systems Inc. The Series A financing comes from North Bridge Venture Partners and Charles River Ventures, according to the announcement.
The company is also taking part in a project with MIT and Rutgers University, funded through the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E).
The technology being developed by 24M combines attributes of rechargeable batteries, fuel cells and flow batteries, according to 24M. The technology is aimed at enabling cost-effective, high-energy storage systems that are scalable for markets including transportation and the electric grid, the company said.
The company’s president, Throop Wilder, said in the announcement that the company’s team “has a proven track record of innovation and commercial success in energy and technology fields.”
The existence of 24M was first disclosed last week by A123 CEO David Vieau, who discussed the company in an earnings call. A123, based in Waltham, will be a stockholder and have a board member in the company, Vieau said during the call.
A state filing indicates that 24M Technologies is based in Wellesley and was incorporated in March.
Read more in Mass High Tech.
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