Form Energy unveils battery chemistry of its multi-day energy storage system
Massachusetts-based battery technology company, Form Energy made two big announcements on Thursday: first, about the battery chemistry of its first commercial product, and second, a $200 million Series D financing round led by ArcelorMittal's XCarb innovation fund.
Form Energy's newly launched multi-day energy storage system is composed of a rechargeable iron-air battery capable of delivering electricity for 100 hours at a system cost-competitive with conventional power plants and at less than 1/10th of the cost of lithium-ion.
"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," said Mateo Jaramillo, CEO, and Co-founder of Form Energy.
"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," Jaramillo added.
Iron is one of the safest, abundantly available, and cheapest minerals on the planet. The front-of-the-meter battery by Form Energy is capable of continuous use over a multi-day period thereby enabling a reliable, firm, and fully renewable electric grid year-round.
Form Energy along with ArcelorMittal are working jointly on the development of iron materials which ArcelorMittal would non-exclusively supply for Form's battery systems.
Form Energy has stated that it intends to source the iron domestically and manufacture the battery systems near where they will be sited. The first project of the company will be with Minnesota-based utility Great River Energy, located near the heart of the American Iron Range.
"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," said Greg Ludkovsky, Global Head of Research and Development at ArcelorMittal,
The latest investment makes ArcelorMittal, a leading steel and mining company, both a business partner and investor in Form Energy.