Climate solution: Form Energy secures $405M to speed development of long-awaited 100-hour battery

Date:

Share post:


Form Energy, a company that is beginning to produce a longer-lasting alternative to lithium batteries, hit a milestone Wednesday with an announcement of $405 million in funding.

The money will allow Form to speed up manufacturing at its first factory in Weirton, West Virginia and continue research and development.

Manufacturing long-duration energy storage at a commercial scale is seen as essential for lowering carbon emissions that are causing climate change, because it makes clean energy available when the sun isn’t shining or the wind isn’t blowing.

“I’m incredibly proud of how far our team has come in scaling our iron-air battery technology,” Mateo Jaramillo, CEO of Form Energy, said via email.

Investment company T. Rowe Price led the funding. GE Vernova, a spin-off of General Electric’s energy businesses, and several venture capital firms were also involved.

“With this new funding … we’re ready to accelerate multi-day battery deployments to meet the rising demand for a cleaner, and more reliable grid. I’m grateful for our team’s hard work and the trust our partners have placed in us as we push toward our mission of building energy storage for a better world.”

Lithium batteries typically last four hours. Form is one of many companies pursuing entirely different chemistries. Its batteries use iron, water and air and are able to store energy for 100 hours, meaning if they work at scale, they could bridge a period of several days without sunlight or wind. Iron is also one of the most abundant elements on Earth, which the company says helps make this technology affordable and scalable.

In collaboration with Great River Energy, the company broke ground on its first commercial battery installation in Cambridge, Minnesota in August. It’s expected to come online in 2025 and will store extra energy that can be used during times of higher electricity demand.

Other Form Energy batteries in Minnesota, Colorado and California are expected to come online next year. There are projects in New York, Georgia and Virginia set for 2026.

To date, Form Energy has raised more than $1.2 billion from investors.

_____

The last line of this story has been corrected to reflect that the $1.2 billion raised so far is only from investors, not from any government entities.

____

The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Bluesky has added 1 million users since the US election as people seek alternatives to X

LOS ANGELES -- Social media site Bluesky has gained 1 million new users in the week since...

A study says the global luxury goods market will shrink in 2025. Trump tariffs could make it worse

MILAN -- Global sales of personal luxury goods are forecast to shrink in 2025 for the first...

Federal judge denies request to block measure revoking Arkansas casino license

LITTLE ROCK, Ark. -- A federal judge has denied an effort to temporarily block enforcement of a...

Danish palace scraps system dating to the 1800s that grants royal labels for products

COPENHAGEN, Denmark -- Denmark’s royal court said Wednesday it will phase out a labeling system dating to...

NYC bans forcing tenants to pay real estate brokers hired by landlords

NEW YORK -- Mandatory broker fees, an unusual feature of New York City apartment hunting long reviled...

FanDuel Sports Network regional channels will be available as add-on subscription on Prime Video

LOS ANGELES -- LOS ANGELES (AP) — Diamond Sports Group announced Wednesday it reached a multi-year agreement...

Nigeria signs $1.2 billion deal with Chinese state-owned company to revamp key gas plant

Nigeria has inked a $1.2 billion deal with a Chinese firm to revitalize a gas processing facility,...

Insurance magnate pleads guilty as government describes $2B scheme

CHARLOTTE, N.C. -- An insurance magnate who was once a big political donor in North Carolina is...