Mateo Jaramillo, Co-Founder and CEO of Form Energy, discusses their low-cost multi-day energy storage solutions based on an iron air battery chemistry. They explore the role of batteries in the energy grid, the appearance and composition of iron-air batteries, and the challenges of scaling up manufacturing and entering the European market. They also discuss the difficulties of hydrogen storage and the benefits of electrochemical cells. Overall, an insightful conversation on the future of renewable energy.
Form Energy is developing low-cost multi-day energy storage solutions based on iron air batteries to address the need for long-duration storage in an electricity system dependent on wind and solar.
Form Energy's multi-day storage solutions optimize the electric system by reducing overcapacity, integrating renewables efficiently, balancing supply and demand, reducing reliance on fossil fuels, and complementing other energy assets.
Form Energy aims to scale up production with a factory that will produce about 500 megawatts of storage capacity annually by 2027, addressing the storage challenges faced by the electricity system.
Deep dives
Form Energy's low-cost multi-day energy storage solutions
Form Energy, led by CEO Matteo Carameo, is developing low-cost multi-day energy storage solutions based on an iron air battery chemistry. These solutions are aimed at addressing the need for long-duration storage as the world shifts to an electricity system dependent on wind and solar. Form Energy's iron air battery technology allows for discharge times of up to 100 hours, providing reliable and dispatchable energy. The company has secured contracts for 10 to 15 megawatt projects with utility partners in the United States, with initial production expected to begin in 2025.
Optimizing the electric system with multi-day storage
Form Energy's multi-day storage solutions play a crucial role in optimizing the electric system by reducing overcapacity and allowing for the efficient integration of renewables. By providing cost-effective storage for durations of up to 100 hours, Form Energy's technology enables utilities to reduce the need for expensive overbuild of renewable energy sources. The storage system helps balance supply and demand, lowers reliance on fossil fuel-based generation, and complements other assets like lithium-ion batteries. Form Energy's solutions have the potential to significantly impact the grid at large scales.
Scaling up production and materials requirements
Form Energy aims to scale up production to meet the demands of the electric system. The company plans to build a factory that will annually produce about 500 megawatts of storage capacity by 2027. While this is still a small fraction of the overall capacity needed for the grid, it is an important step towards scaling up production. This growth requires significant amounts of iron, with projected usage reaching a few hundred thousand tons per year. While this represents a notable portion of global steel production, it is a necessary trade-off to address the storage challenges faced by the electricity system.
Unlocking the Potential of Iron Air Batteries
Form Energy, a company focusing on developing 100-hour electricity storage based on iron air battery chemistry, aims to capture the energy generated by rusting iron and convert it into electricity. By creating an electrochemical cell, they can reverse the reaction and use the captured energy productively. The technology is not new and was studied extensively in the past, but Form Energy believes they can achieve similar performance parameters to those achieved 50 years ago, creating a cost-effective and high-performance battery. Their approach challenges the conventional focus on faster charging and higher current density, opting instead for longer durations and trading off efficiency for lower cost.
Form Energy's Battery Design and Market Potential
Form Energy's batteries are meter-scale devices housed in shipping containers. Inside, the batteries consist of iron anodes, air cathodes, and a liquid electrolyte. Though the batteries are not as efficient as other storage options, like liquid air or hydrogen, their low cost and scalability make them competitive. The company is currently focused on scaling up manufacturing and plans to start customer deliveries in 2025, primarily in island markets like Ireland and the UK, where grid constraints and variable renewable resources make long-duration storage valuable. Their goal is to offer a solution that costs $20 per kilowatt-hour and can provide 100 hours of duration.
Mateo Jaramillo is Co-Founder and Chief Executive Officer of Form Energy, a company developing, commercializing, and manufacturing breakthrough low-cost, multi-day energy storage solutions that will enable the electric system to be 100% renewably powered. Mr. Jaramillo was formerly Vice President of Products and Programs for Tesla’s stationary storage business, an effort he started. In that role, he was responsible for Tesla Energy’s product line and business model definition, as well as global policy and business development. Mr. Jaramillo joined Tesla in 2009 as the Director of Powertrain Business Development, serving as commercial lead and primary negotiator on over $100M in new development and $500M in production contracts signed for electric powertrain sales. Prior to Tesla, Mr. Jaramillo was Chief Operating Officer and part of the founding team at Gaia Power Technologies, a pioneering distributed energy storage firm. Mr. Jaramillo serves on the Board of Directors for the American Clean Power Association, the leading federation of renewable energy companies expediting the advancement of clean energy as the dominant power source in America.
He earned his AB in economics from Harvard and a Masters in Theology from Yale Divinity School.
Links
Forbes write-up of Form: https://www.forbes.com/sites/alanohnsman/2023/08/09/iron-and-rust-could-be-the-secret-to-storing-clean-power-for-days/
PBS write-up of Form: https://www.pbs.org/wgbh/nova/article/iron-air-battery-renewable-grid/
Balkan Green Energy News’ critical analysis of iron-oxide battery technology: https://balkangreenenergynews.com/iron-air-batteries-are-10-times-as-cheap-as-lithium-and-will-be-produced-from-2024/
Assessment of SDES and LDES and current technologies: https://www.globalxetfs.com/short-and-long-duration-energy-storage-essential-to-the-clean-energy-transition/
Related Episodes
Episode 122 with Sir Chris-Llewellyn-Smith: https://www.cleaningup.live/ep122-sir-chris-llewellyn-smith-solving-for-storage/
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