Form Energy to establish $760M U.S. iron-air battery plant

Form Energy to establish $760M U.S. iron-air battery plant

The company says it expects its multi-day battery will reliably run on 100% low-cost renewable energy.

Form Energy will partner with the State of West Virginia to build its first iron-air battery manufacturing facility on 55 acres of property in the northern panhandle of West Virginia, along the Ohio River, in the city of Weirton. Form Energy expects to start construction of its Weirton factory in 2023 and begin manufacturing iron-air battery systems in 2024 for broad commercialization.

“Weirton is long overdue for some incredible news,” West Virginia Governor Jim Justice said. “At one point, Weirton was one of America’s most important steel towns—a national leader in steel production. Now, this historic city is looking toward the future, and it’s very bright with Form Energy opening its doors. We structured a unique financial incentive package worth up to $290 million in asset-based, performance financing to support their decision to locate in Weirton.”

The new battery manufacturing plant is expected to create a minimum of 750 new full-time jobs and will represent a total investment of up to $760 million.

Form Energy is an American energy storage technology and manufacturing company that is developing and commercializing an iron-air battery capable of storing electricity for 100 hours at system costs competitive with legacy power plants. The company says it expects its multi-day battery will reliably run on 100% low-cost renewable energy.

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