💡Form Energy Raises $750M for Iron-Air Batteries
Iron-Air Tech Could Change Data Center Power Bills
TL;DR
Form Energy raises $750M to expand iron-air battery manufacturing. These batteries can store power for up to 100 hours and are cheaper than lithium-ion alternatives.
Form Energy has raised a whopping $750 million in Series G funding, led by T. Rowe Price. The company plans to use the funds to scale its production of iron-air batteries in West Virginia. These batteries can store power for up to 100 hours and are cheaper than lithium-ion alternatives due to their reliance on iron instead of expensive minerals like cobalt or nickel. For data centers, this means potentially lower electricity costs over longer periods as they quadruple their energy consumption by 2035.
Key Points
Form Energy raised $750 million in Series G funding led by T. Rowe Price
$1 billion Form battery powers a new Google data center partially
Crusoe bought 12 gigawatt-hours of batteries from Form Energy
Xcel Energy and FuturEnergy Ireland are among Form's customers
Form's supply chain is 80% domestic, aiding in landing big contracts
Why It Matters
If you're running a data center or utility company with fluctuating power demands, Form Energy's iron-air batteries could be a game-changer. They offer up to 100 hours of discharge time and are cheaper than lithium-ion alternatives due to their reliance on iron.
Frequently Asked Questions
Why does this matter?
If you're running a data center or utility company with fluctuating power demands, Form Energy's iron-air batteries could be a game-changer. They offer up to 100 hours of discharge time and are cheaper than lithium-ion alternatives due to their reliance on iron.
What happened?
Form Energy raises $750M to expand iron-air battery manufacturing. These batteries can store power for up to 100 hours and are cheaper than lithium-ion alternatives.
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