Energia-M was competitor in a new Russian Heavy Launch Vehicle competion in 1993. The aim was to replace the Proton rocket. Energia-M lost the competion and as a result the Angara Launch System was choosen for development by the Russian Space Agency. Energia-M development has been abandoned. Perhaps in the future it could be revived.
Energia-M was derived from the Energia Launch System used by the Buran. In comparison to Energia, Energia-M utilized 2 strap-ons instead of 4 and the core booster used 1 RD-0120 instead of Energia's 4 engines.
Energia-M could also be used to launch the new Russian mini-shuttle MAKS, which could sit atop the core booster, as the picture below illustrates: