Fresh Capital For Batteries
Form Energy, a Massachusetts-based battery storage company, recently raised $450 million in a Series E funding round led by TPG Rise. Other major investors include the Canada Pension Plan Investment Board, Bill Gates’ Breakthrough Energy Ventures, and ArcelorMittal.
The company previously raised over $350 million and reached a valuation of $1.2 billion in mid-2021.
With this fresh funding, Form Energy hopes to tackle a major problem related to renewable energy battery storage.
What Are “Iron-Air” Batteries?
It’s very common to hear concerns over renewable energy. For example, what happens to solar when it’s cloudy? While renewable energy sources are great when they work, they are less reliable than fossil fuels.
One of the greatest challenges is modern battery technology. Most can only store energy for a few hours at a time. So, when relying exclusively on solar power, outages could result if weather conditions are sub-optimal. This is what Form Energy aims to fix.
Form Energy is working on new battery technology that will utilize iron pellets. This works by taking in oxygen and converting iron to rust. Then, the process reverses. The rust is converted back into iron and breathes out oxygen. This process charges and discharges the battery.
Using iron, an abundant natural resource, should help Form Energy avoid the supply bottlenecks and high costs associated with more traditional battery materials, such as lithium.
Another EV Breakthrough?
If this new battery technology is successful, it could mean that your Tesla’s battery will last for days — not hours. The same goes for renewable energy sources in your home or workplace.
Many people want to make the transition to greener energy, but they don’t want to take the risk of running out of juice. Form Energy is hoping to bring the world one step closer to clean, sustainable power.
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