New Energy Storage Solution in the Works from 24M
Energy Storage researchers at 24M are developing a new kind of battery far superior to current lithium ion batteries.
In Cambridge, Massachusetts, a promising young company called 24M is developing a new type of battery that could be used in both electric vehicles and for stationary energy storage. Yet-Ming Chiang, the MIT professor who also launched the lithium ion battery company A123, is the founder of 24M and currently holds a position in both companies. 24M has already received a grant worth between $5.5 and $6 million from the Department of Energy and has raised $10 million in private funding to advance its research into more efficient energy storage solutions.
Researchers at 24M are hoping to develop a new kind of battery that can hold more energy per volume than current lithium ion batteries. They are investigating ways to combine the technology behind lithium ion batteries, which contain costly inactive components, and flow batteries, which are very complex and require extensive mechanical engineering. Such an energy storage system would be useful for storing power from wind and solar plants, as well as for extending the range of electric vehicles.
Although Chiang and his team are somewhat unwilling to reveal the details of their research, a patent they filed in 2009 describes a high energy storage system that employs a semi-solid medium, such as a gel. 24M hopes to have its first demonstrations of this new energy storage system within the next five years.