Form Energy is building iron-based batteries that can store energy for multiple days. The company is ramping up supply at its factory and signing deals for commercial projects. New solar and wind installations produce electricity more affordably than fossil fuels in most places, but their output varies based on season, time of day, and weather. To compensate, utilities are increasingly investing in battery storage systems.
Lithium-ion batteries are the fastest-growing storage technology, but they require pricey metals and are costly to scale. Form Energy wants to build cheaper long-duration storage using iron, which is abundant and low-cost. Its batteries can store energy for 100 hours via a process called “reversible rusting.”
Form has gained commercial traction. It began producing batteries at its West Virginia factory for a 150 megawatt-hour system for Minnesota’s Great River Energy, set to come online in 2027. The largest deal is with Xcel Energy, where wind and solar, backed by 30 gigawatt-hours of Form’s batteries, will power a new Google data center, expected between 2028 and 2031.
The company aims for $20 per kilowatt-hour to compete with natural gas. However, the long-duration storage market is nascent, and Form’s production capacity is a fraction of its promised volumes. Success hinges on scaling and proving the technology’s footprint.
Source: MIT Technology Review · Summarized by HeadlinesBriefing