The founder of A123 is aiming to overturn the lithium-ion battery industry with the launch of his latest venture – 24M.
MIT-based scientist Yet-Ming Chiang unveiled his latest start-up with the announcement 24M has invented the ‘semisolid’ lithium-ion battery after five years of research and development.
By upending the design of the battery cell the company claims to have reduced cost by up to 50% and manufacturing time by 80%.
The company, headquartered in Cambridge, Massachusetts, removes more than 80% of the inactive, non-charge-storing materials found in conventional lithium-ion batteries.
Chiang went public after the company raised $50million in funding from Charles River Ventures, North Bridge Venture Partners, and its strategic partners, along with a $4.5million grant from the U.S. Department of Energy.
The company also has strategic partnerships with the Japanese heavy-industry giant IHI and from PTT, a Thai oil and gas company.
