Make Kitco Your Homepage

'1/10th the cost of lithium-ion': Form Energy announces commercialization of iron-air battery

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.