BOSTON, July 22, 2021 /PRNewswire/ -- Form Energy, Inc.,
a technology company rising to the challenge of climate change by
developing a new class of cost-effective, multi-day energy storage
systems, announced today 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.
Mateo Jaramillo, CEO and
Co-founder of Form Energy, said, "We conducted a broad review of
available technologies and have reinvented the iron-air battery to
optimize it for multi-day energy storage for the electric grid.
With this technology, we are tackling the biggest barrier to deep
decarbonization: making renewable energy available when and where
it's needed, even during multiple days of extreme weather or grid
outages."
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.
Greg Ludkovsky, Global Head of
Research and Development at ArcelorMittal, said, "Form Energy is at
the leading edge of developments in the long-duration, grid-scale
battery storage space. The multi-day energy storage technology they
have developed holds exciting potential to overcome the issue of
intermittent supply of renewable energy. They are exactly the kind
of ambitious and innovative company we are seeking to invest in
through our XCarb™ innovation fund."
Jaramillo added, "This is an extremely exciting time at Form
Energy, and we are pleased to welcome ArcelorMittal as a business
partner and investor. ArcelorMittal is a world-leading steel and
mining company, and this investment demonstrates their commitment
to innovation and deep decarbonization. We appreciate their
confidence in our team and in our technology as we work to reshape
the global electric system to enable a clean energy future."
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SOURCE Form Energy, Inc.