Lithium-ion battery maker A123 Systems quietly cultivated a new energy storage venture and set it loose as an independent company. A123 executives revealed in a call with shareholders this week that the startup, dubbed 24M Technologies Inc., was recently spun out of A123 with venture capital financing and a plan to develop what CEO David Vieau called advanced non-traditional lithium-ion based storage technology. As I reported in this article over on Earth2Tech, the executives also revealed that A123 has dropped out of Chrysler’s scaled-back electric vehicle development program.
