[font face=Serif][font size=5]Exiting Stealth Mode, 24M Takes On the Battery Industry[/font]
[font size=4]A startup from one of the A123 founders aims to overhaul the making of lithium-ion batteriesbut its not the first to try.[/font]
By Richard Martin on June 22, 2015
[font size=3]Aiming to completely overhaul the lithium-ion battery industry, MIT-based scientist Yet-Ming Chiang on Monday publicly unveiled his latest startup, called
24M.
The company uses a novel battery composition based on a
semi-solid material that eliminates much of the bulk of conventional lithium-ion batterieswhich are typically made up mostly of inactive, non-energy-storing materialswhile dramatically increasing the energy density. Chiang and 24M CEO Throop Wilder also say that they can reduce the time needed to make a battery by 80 percent and the cost by 30 to 50 percent.
After five years of research and development, 24M has raised $50 million in funding from Charles River Ventures, North Bridge Venture Partners, and its strategic partners, along with a $4.5 million grant from the U.S. Department of Energy. It has strategic partnerships with the Japanese heavy-industry giant IHI and from PTT, the formerly state-owned Thai oil and gas company, which is increasingly moving into alternative energy. Since a 2011 paper in the journal Advanced Energy Materials previewed 24Ms technology, the company has received a large amount of press coverage for a stealth-mode startup, including
articles in this publication as well as a
long, adulatory profile on the website Quartz. The company calls its new battery the most significant advancement in lithium-ion technology since its debut more than 20 years ago.
That would be a remarkable accomplishment, with the potential to drive the electric-vehicle market to a new level and accelerate the spread of renewable energy. But 24M faces a challenge that many previous companies with promising technology have failed to solve: how to revolutionize a manufacturing industry with huge amounts of capital sunk into extensive existing capacity.
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