'1/10th the cost of lithium-ion': Form Energy announces commercialization of iron-air battery
(Kitco News) - Boston-based Form Energy announced Thursday the battery chemistry of its first commercial product and a $200 million Series D financing round led by ArcelorMittal's XCarb™ innovation fund.
Form Energy's first commercial product is a rechargeable iron-air battery. Form said the battery is 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.
Form's batteries are not intended for electric vehicles but the power grid. Fixing intermittent power from renewables is a key piece in making solar and wind an alternative to other forms of power.
"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," said CEO Mateo Jaramillo in a news release.
Form Energy's first project is with Minnesota-based utility Great River Energy, located near the heart of the American Iron Range.