Gates-backed Form Energy plans $760 million West Virginia plant

Form Energy Inc., an energy-storage company backed by Bill Gates’s Breakthrough Energy Ventures, is planning a $760 million factory in West Virginia, the latest plant announced in the aftermath of President Joe Biden’s landmark climate law.

After years of depending on foreign imports for its clean-energy supplies, the US is on the verge of a revival in domestic cleantech manufacturing. A key product: energy storage for the country’s grids and electric vehicles.

Form Energy is developing storage that’s intended to last far longer than the four-hour batteries that are slowly being added to US electric systems, potentially for days at a time. Such technology could speed the energy transition by making grids less vulnerable to the whims of wind and solar power — thus eliminating an advantage coal and gas have enjoyed over renewables.

The company expects to start construction of the Weirton-based factory in 2023 and begin manufacturing in 2024, according to a statement Thursday.

The Massachusetts-based company has attracted considerable investor interest thanks to its promised innovation in battery technology. To make its cells, the startup plans to use iron, a more readily available material than lithium-ion. ArcelorMittal SA, the steel and mining giant, has invested alongside top-tier climate technology funds.

In October, Form Energy announced a $450 million Series E funding round.

Form Energy has previously said that it will spend less than $6 per kilowatt-hour of storage for its battery cell system, a steep cut that would make its offering competitive with fossil-fuel plants. 

The company’s co-founder and chief executive officer, Mateo Jaramillo, previously helped develop Tesla Inc.’s Powerwall battery storage system.