Technology Company Accelerating Pathway to Commercialize Energy Storage
Form Energy, Inc., is developing a new class of cost-effective, multi-day energy storage systems. It announced the battery chemistry of its first commercial product and a $200 million Series D financing round led by ArcelorMittal’s XCarb™ innovation fund.
Solar and wind resources are the lowest marginal cost sources of electricity in most of the world. The electric grid now faces a challenge: how to manage the multi-day variability of renewable energy, even in periods of multi-day weather events, without sacrificing energy reliability or affordability.
Form Energy’s first commercial product is a rechargeable iron-air battery capable of delivering electricity for 100 hours at system costs competitive with conventional power plants and at less than 1/10th the cost of lithium-ion. Made from iron, one of the safest, cheapest, and most abundant minerals on Earth, this front-of-the-meter battery can be used continuously over a multi-day period and will enable a reliable, secure, and fully renewable electric grid year-round.
Form Energy and ArcelorMittal are working jointly on the development of iron materials which ArcelorMittal would non-exclusively supply for Form’s battery systems. Form Energy intends to source the iron domestically and manufacture the battery systems near where they will be sited. Form Energy’s first project is with Minnesota-based utility Great River Energy, located near the heart of the American Iron Range.
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