ImpactAlpha, August 24 – Form Energy recently declared a breakthrough for its iron and air-based battery that will enable renewable energy projects to cheaply store power for days. At less than $20 per kilowatt-hour of storage, the Somerville, Mass.-based company’s long-duration battery could speed the replacement of fossil fuel plants that provide baseload to electricity grids.
Form’s first project will provide 150 megawatts of storage to Great River Energy utility in Minnesota.
TPG Rise invested in Form through its new climate fund (for background see, “TPG Rise ($5.4 billion) and Brookfield ($7 billion) raise the stakes for climate funds”).
Co-founded by alums of Tesla and the lithium-ion battery company A123, Form was an early investment of Breakthrough Energy Ventures and The Engine, the MIT-based VC fund that backs “deep technology” startups. Other investors include steelmaker ArcelorMittal, Italian oil company Eni, Singapore’s Temasek, Energy Impact Partners and Capricorn’s Technology Impact Fund.