- The Form Energy recently secured new funding of $405 million, raising the investment to over $1 billion.
- Its iron-air batteries produced up to 100 hours of power.
- It will use the funds secured from investors such as T. Rowe Price, GE Vernova, and Breakthrough Energy Ventures to fuel its growth and production.
- For updates on building progress, Form Energy began building its first battery factory in West Virginia and secured a $105M state grant.
Renewable energy has always been exciting, but past year or so has certainly taken it on a roller coaster! This new infusion of $405 million brings the total investment in Form Energy, Massachusetts based startup, above $1 billion. Form Energy is known for its revolutionary iron-air battery technology that can potentially revolutionize long-term energy storage with unprecedented costs. Form Energy, formed by former Tesla Energy executive Mateo Jaramillo, is going to truly shatter the energy landscape with this progressive solution.
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Unlike other lithium-ion batteries in the market, iron-air batteries differ from the rest because Form Energy can store a long-duration amount of energy and can be used for as long as 100 hours. The technology occurs through a simple yet efficient chemical process: iron rusts in use and is transformed back into iron with electricity when the battery is charged. This unique process combined with inexpensive, abundant material in the form of iron could easily put this technology on a more affordable, sustainable track to energy storage.
On October 9, Form Energy announced this major funding, led by T. The Minnesota-based startup, Rowe Price, with investments from GE Vernova, among others, and Bill Gates’s Breakthrough Energy Ventures. Funding will help the startup scale up its production and bring the battery technology to the next level. The CEO of Form Energy, Mateo Jaramillo, was over the moon, saying, “After seven years of hard work, our 100-hour iron-air battery is finally ready to be made! The money, he said, “will fuel growth, create jobs and optimize manufacturing.”
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Among the very interesting collaborations is GE Vernova and Form Energy. It is, as yet, unclear what form the collaboration takes; however, one of the most telling points was made by Jessica Uhl, GE Vernova’s President, about power grid modernization: The FORM Energy batteries she seems to be excited about could have much to do with advancing grid resilience and sustainability.
In fact, a pivotal component of the growth of Form Energy is the constructing of its first manufacturing facility in West Virginia. The $105 million grant allocated by Governor Jim Justice has sparked and begun the construction process, which started in May 2023. It is situated at an old steel plant, and the said facility will give rise to more local employment and increase the company’s ability to produce iron-air batteries at scale. Moreover, Form Energy is also in discussions with the U.S.
It also secured an additional $150 million of Department of Energy funding through new government incentives for green technologies.
Form Energy has already begun deploying its technology, including a 1.5MW/1,500MWh pilot project for Great River Energy in Cambridge, Minnesota. Agreements in place with Xcel Energy and Georgia Power-two major utilities-help further solidify Form Energy’s position in the renewable energy market. One of the company’s most ambitious projects includes an 8.5 MW/8,500 MW storage system in New England built to integrate offshore wind energy into the grid much more efficiently.
The international markets also attract the company’s innovative battery technology. A developer in Ireland is planning to build an iron-air battery of 10 MW/1,000 MWh capacity in County Donegal, a first for Europe. Should this project go forward, that opens the path to larger installations of energy storage in that region.
Form Energy’s iron-air battery technology is bound to be a revolution in long-duration energy storage and make renewable power much more reliable and cost-effective. Funded to $405 million in new capital, with pilot projects and a gigantic manufacturing facility underway, the company is poised to take a leading role in the global shift toward sustainable energy. As Form Energy will expand, so might its innovative approach to reshaping the future of energy storage in helping create a cleaner and stronger energy grid around the world.
