With another $405 million in financing, Form Energy is expanding to make its iron-air batteries on the site of a former steel mill in Weirton, West Virginia.
Clean-tech startup company Form Energy announced last week an additional $405 million in financing, allowing it to expand its newly built factory where it makes a unique type of large-scale battery for long-term energy storage on the electric grid.'This technology, iron air, is low cost enough that you can discharge for 100 hours,' Form Energy CEO and co-founder Mateo Jaramillo told Newsweek.
Grid-scale storage has become an attractive way to address many of those issues by 'banking' cheap electricity for later use and providing a backup source of power during times of very high energy demand or disruption from storms.A recent report from energy analytics company Wood Mackenzie and the energy industry trade group American Clean Power Association measured the remarkable recent growth in grid-scale storage.In 2024, the report said, the U.S. is on track to deploy about 12.
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