Google has made a significant investment of approximately $1 billion in Form Energy, as revealed by The Information. This deal marks a major milestone in the realm of advanced battery technology.
Revolutionary Battery Technology
Form Energy has developed an innovative iron-air battery that can provide a steady output of 300 megawatts of electricity for an impressive duration of 100 hours. The battery operates through a unique process where oxygen is introduced into the cells, causing iron to rust and subsequently releasing electrons. This technology is designed to enhance the stability of energy supply, integrating seamlessly with 1.4 gigawatts of wind energy and 200 megawatts of solar power.
A Strategic Partnership
Despite years of research and development, Form Energy had not secured a significant client until now. The recent partnership with Google not only validates their technology but also positions the startup for future growth. Form Energy has established a production facility in West Virginia, gearing up for increased manufacturing capacity.
Future Growth Plans
In light of the substantial order from Google, CEO Mateo Jaramillo announced that Form Energy is actively seeking to raise an additional $500 million in funding. To date, the company has successfully raised $1.4 billion, as reported by PitchBook, and is set to go public next year.
