The US Department of Energy has given a second grant to 24M Technologies to help it develop its semi-solid Lithium-ion battery technology.
24M Technologies, a US-based battery technology company, has raised $50m in financing from undisclosed investors alongside a $4.5m grant from the US Department of Energy.
Previously the company raised $10m from US-based venture capital firms CRV and North Bridge Venture Partners and Growth Equity in August 2010. Again, the US Department of Energy provided a grant alongside the investment, in this case the grant was for $6m.
24M Technologies is a spin out from US-based battery manufacturer A123 Systems. 24M Technologies is focussing its research and development around semi-solid Lithium-ion batteries. The company believes that its product process will reduce the costs of batteries by 50%, speed up production and reduce the carbon emissions of the battery creation.
Yet-Ming Chiang, chief scientist for 24M Technologies, said: “24M has fixed the flaws [in current Lithium-ion batteries]. We’ve made the world’s favourite battery better, fundamentally changing its cost curve by designing a more elegant and simpler cell and then making the batteries the right way – the way they should have been made from day one.”
The company is currently conducting trials of its battery technology with power systems for the grid.
Throop Wilder, chief executive of 24M Technologies, said: “By 2020 our battery costs will be less than $100 a kilowatt-hour (kWh). We’re emerging at the right time with the right technology.”