Form Energy has raised $750 million to expand manufacturing of its 100-hour batteries, with Google and Crusoe already committed as customers. The funding will enable the company to scale production and deliver these massive batteries designed for grid storage.
Form Energy announced it secured $750 million in new funding to build more of its unique batteries. These aren’t your typical lithium-ion power packs; Form Energy specializes in developing iron-air batteries capable of storing energy for 100 hours. This extended duration is intended to address the challenges of grid reliability as renewable energy sources like solar and wind become more prevalent.
The company has already landed significant contracts, with both Google and Crusoe signed on as customers. The new funding round will be used specifically to expand manufacturing capabilities, allowing Form Energy to meet the growing demand for its long-duration storage solutions.
The development of 100-hour batteries is crucial because it allows energy generated during peak production times (like a sunny day) to be stored and used when needed, even if that need arises days later. This capability helps stabilize the grid and reduces reliance on fossil fuel backups.
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