24M was founded in 2010 by two MIT professors – Dr. Yet-Ming Chiang and Dr. W. Craig Carter – and Throop Wilder, an entrepreneur from the field of Internet communications and networking. The company’s technology was conceived at A123 Systems by Dr. Chiang and further developed over two years of research at MIT under the guidance of Drs. Chiang and Carter.
24M is pioneering a new business model in the energy storage business that combines the best of US innovation and marketing with the manufacturing strength and reach of global industrial powerhouses. 24M’s strategy takes advantage of the widespread acceptance and appreciation of battery energy storage performance by multiple markets that has occurred during the last ten years, while overcoming the main obstacle of high cost. In doing so, 24M will capitalize on market momentum, reduce adoption risk and satisfy the unmet need for compact, long duration (multi-hour) storage at ultra-low cost.
24M has assembled a world-class leadership team that combines the best of high-tech entrepreneurial talent with deep knowledge and experience in energy storage development and manufacture. The company has actively recruited top technical talent from leading battery companies in order to leverage their collective experience and wisdom of effective strategies in the scaling of energy storage technology.