David R Baker and Michelle Ma of Bloomberg report that a startup is opening its first factory just as data centers and extreme weather strain the power grid. They write:
There may be no better time to launch a utility-sized battery that lasts four days than the aftermath of back-to-back hurricanes.
Form Energy Inc. has developed a battery that can feed electricity to the power grid for 100 hours straight, 25 times longer than most grid-tied batteries today. Now, the startup’s first factory — built on the site of a former West Virginia steel mill — is making cells and modules to be installed at power plants starting next year, from Colorado to Virginia. They will arrive at a moment when the power grid faces an inflection point. Electricity demand is rising from new factories and data centers even as extreme weather events — like hurricanes Helene and Milton — trigger massive blackouts. It’s a potent selling point. […]
Investors have bet big on Form’s timing and technology. The company, based near Boston, has raised $1.2 billion. The funding is all the more remarkable considering global climate-tech financing has dropped nearly 50% compared to the same period last year, according to research from BloombergNEF. Although venture capital at large has suffered due to high interest rates and macroeconomic headwinds, climate-focused companies face the added challenge of developing capital-intensive hardware that may be the first of its kind — a big risk for investors.[…]
The US government sees enough promise in Form’s technology that the Department of Energy recently offered the company up to $150 million to build out the factory, located near Pittsburgh in West Virginia’s northern panhandle. And awareness of the grid’s growing needs should give the company tailwinds as it enters production, Jaramillo said. “If you want to be right about one thing most, it’s that the market is ready for you when you’re ready for it,” he said. “Getting the timing correct there is what is giving us a big push to get this up and running.”
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