Boston-based Form Energy is building a large iron-air energy storage pilot system that it hopes will lead to "a new class of cost-effective, multi-day energy storage systems," a press statement reveals.
The commercial-scale pilot project is aimed at enabling cheaper energy storage, allowing for an easier transition away from fossil fuels. The company's iron-air batteries store up to 100 hours of energy at a tenth of the cost of an equivalent lithium-ion battery mass storage unit.
As Form Energy puts it, the transition to renewable energies means that "the electric grid now faces a challenge: how to manage the multi-day variability of renewable energy [...] without sacrificing energy reliability or affordability."
Form Energy's system is designed to cheaply store large amounts of renewable energy during productive spells for wind and solar power sources. It then releases that electricity only when it's required — during times in which those energy sources are producing less energy due to sub-optimal weather conditions.
The company has raised more than $300 million in its quest to commercialize its iron-air battery system, with investors including the Bill Gates and Jeff Bezos-backed Breakthrough Energy Ventures.
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