A new startup company will attempt to solve the biggest roadblock facing electric vehicles today--the cost of their batteries.
The new company, called 24M, has been spun out of the advanced battery company A123 Systems. It will develop a novel type of battery based on research conducted by Yet-Ming Chiang, a professor of materials science at MIT and founder of A123 Systems. He says the battery design has the potential to cut those costs by 85 percent.
The battery pack alone in many electric cars can cost well over $10,000. Cutting this figure could make electric vehicles competitive with gasoline-fueled cars.
The new company has raised $10 million in venture-capital funding, and about $6 million from the Advanced Research Projects Agency-Energy (ARPA-E), which will fund collaboration between the company and MIT and Rutgers University. A123 Systems will work closely with the new company, and owns stock in it. The name stands for "24 molar," referring to material concentration levels that Chiang cryptically calls "technically significant" to the company.
The battery pack alone in many electric cars can cost well over $10,000. Cutting this figure could make electric vehicles competitive with gasoline-fueled cars.
The new company has raised $10 million in venture-capital funding, and about $6 million from the Advanced Research Projects Agency-Energy (ARPA-E), which will fund collaboration between the company and MIT and Rutgers University. A123 Systems will work closely with the new company, and owns stock in it. The name stands for "24 molar," referring to material concentration levels that Chiang cryptically calls "technically significant" to the company.
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4 comments:
Fingers crossed, at-least once the prices of electric vehicle come down, people should use more of it.
It strikes me that the new battery doesn't exist yet. It's a great idea and I hope they succeed, but let's wait until there is a new battery before headlining it.
Hello
Fine and interesting .
Would like to know more on this
Ramalingam K S
@ Car wash businessman , yes. we need to keep fingers crossed. whole of electric vehicle market is looking for lowering price. Hence this research will help the EV costs lower and reach common people.
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