Form Energy, an innovative company focusing on energy storage, received a $25 million investment from major manufacturing company, ArcelorMittal. The company announced this Friday it completed a second investment in the XCarb Innovation fund, which is the leading investor to Form Energy.
Firstly, Form Energy is currently conducting a Series D financing round, to reach $200 million investment; the $25 million from ArcelorMittal is the second investment the manufacturer has done to the XCarb Fund.
Secondly, Form Energy was founded in 2017, and it works on the acceleration and development of its breakthrough low-cost energy storage technology to enable a reliable, secure, and fully-renewable electric grid year-round.
Thirdly, just recently, the company unveiled a new iron-air battery, that has several advantages in its technology; it is low cost, approximately one-tenth the cost of lithium-ion battery technology; it is also multi-day reliability, up to 100-hour duration hence overcomes the intermittent nature of renewable energy generation; and it is also scalable, and is possible to site the battery anywhere.
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Form Energy to receive iron from ArcelorMittal
Moreover, the $25 million investment from ArcelorMittal will help the company to further expand its potential.
In addition, alongside the $25 million investment, ArcelorMittal and the company have signed a joint development agreement to explore the potential for ArcelorMittal to provide iron, tailored to specific requirements, to Form Energy as the iron input into their battery technology.
On the other hand, about the reasons behind the investment, Greg Ludkovsky, global head of research and development, ArcelorMittal, said. “Form Energy is at the leading edge of developments in the long-duration, grid-scale battery storage space. The multi-day energy storage technology they have developed holds exciting potential; specifically, to overcome the issue of intermittent supply of renewable energy. They are exactly the kind of ambitious and innovative company we are seeking to invest in through our XCarb innovation fund.”
Finally, Mateo Jaramillo, CEO and co-founder of Form Energy, concluded. “This is an extremely exciting time at our company; we are pleased to welcome ArcelorMittal as a business partner and investor. ArcelorMittal is also a world’s leading steel and mining company and this investment demonstrates their commitment to innovation and deep decarbonization. We appreciate their confidence in our team and in our technology as we work to reshape the global electric system to enable a clean energy future.”