Is that a cheap electric vehicle I see on the horizon?

Yet-Ming Chiang, A123 Systems founder and an MIT materials researcher, claims to have come up with a new battery design that will cut the cost of battery packs — currently upwards of $10,000 — by up to 85 percent.  The tech will be at the heart of A123’s spinoff, 24M.

While the technology is being kept under wraps for now, Chiang does let slip some tantalizing clues. 24M, for instance, stands for “24 molar,” which according to this report in MIT’s Technology Review, refers “to material concentration levels that Chiang cryptically calls ‘technically significant’ to the company.” Additionally, the energy storage material within is being described as “semi-solid.” The company plans to commercialize the new battery tech within five years.

For now, the spin-off has raised $10 million dollars in Series A funding and will also be getting a share of approximately $6 million from the U.S. Department of Energy. A123 will own 24M stock and have a seat on the board.