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| Company type | Public |
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| Industry | |
| Founded | 1984 |
| Headquarters | , U.S. |
Area served | United States & Canada |
Key people |
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| Products | Electricity |
| Revenue |
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| Total equity |
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Number of employees |
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| Divisions |
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| Website | www |
| Footnotes / references [1][2][3] | |
Form Energy is an American energy storage company focused on developing a new class of cost-effective, multi-day energy storage systems that will enable a reliable and fully-renewable electric grid year-round. Form Energy's first commercial product is a rechargeable iron-air battery capable of storing electricity for 100 hours at system costs competitive with legacy power plants. [4]
History
[edit]Form Energy was founded in 2017 by Mateo Jaramillo, former head of battery development for Tesla, MIT professor and battery scientist Yet-Ming Chiang, Ted Wiley, William Woodford and Marco Ferrara. [5]
Technology
[edit]The active components of Form Energy's iron-air battery system are iron, water, and air. The basic principle of operation is reversible rusting. While discharging, the battery breathes in oxygen from the air and converts iron metal to rust. While charging, the application of an electrical current converts the rust back to iron and the battery breathes out oxygen.
Each individual battery is about the size of a washing machine. Each of these modules is filled with a water-based, non-flammable electrolyte, similar to the electrolyte used in AA batteries. Inside of the liquid electrolyte are stacks of between 10 and 20 meter-scale cells, which include iron electrodes and air electrodes, the parts of the battery that enable the electrochemical reactions to store and discharge electricity.
The battery modules are grouped together in modular megawatt-scale power blocks, which comprise thousands of battery modules in an environmentally protected enclosure. Depending on the system size, tens to hundreds of these power blocks will be connected to the electricity grid. In its least dense configuration, a one megawatt system requires about an acre of land. Higher density configurations can achieve greater than three megawatts per acre.
The company claims that its batteries are capable of storing energy at less than 1/10th the cost of lithium-ion battery technology and can deliver the 100+ hour duration required to make wind power, hydropower, and solar energy reliable year round.
Finance
[edit]Investors include Breakthrough Energy Ventures, itself funded by Microsoft co-founder Bill Gates and Amazon founder Jeff Bezos, Coatue Management, TPG (through TPG Rise Climate), steel maker ArcelorMittal, Perry Creek Capital, NGP Energy Technology Partners III, Temasek, Energy Impact Partners, Prelude Ventures, MIT’s investment fund The Engine, Capricorn Investment Group, Eni Next, and Macquarie Capital.
In August 2021, Form Energy announced the close of a $240 million Series D financing round led by ArcelorMittal’s XCarb™ innovation fund.
See also
[edit]References
[edit]- ^ Cite error: The named reference
palmwas invoked but never defined (see the help page). - ^ "NextEra Energy, Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 18, 2022.
- ^ Cite error: The named reference
divisionswas invoked but never defined (see the help page). - ^ "Form Energy: We are Transforming the Grid". Form Energy. Retrieved 2021-09-29.
- ^ Gold, Russell (2021-07-22). "Wall Street Journal | Startup Claims Breakthrough in Long-Duration Batteries". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-09-29.