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(Kitco News) – Boston-based Form Energy on Thursday announced the battery chemistry of its first commercial product and a $ 200 million Series D funding round led by XCarb ™ innovation fund. ArcelorMittal.
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 less than a tenth the cost of lithium-ion.
Form’s batteries are not intended for electric vehicles but for the electrical network. The capture of intermittent energy from renewable energies is a key element in making solar and wind energy an alternative to other forms of energy.
“We have carried out an extensive review of the available technologies and have reinvented the iron-air battery to optimize it for energy storage over several days for the electricity grid. With this technology, we are tackling the biggest obstacle to deep decarbonization: and where it is needed, even during days of extreme weather conditions or grid outages, ”CEO Mateo Jaramillo said in a press release.
Form Energy’s first project is with the Great River Energy utility of Minnesota, located near the heart of the American Iron Range.
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