The biggest issue of wind and solar is that they are variable and intermittent. To remediate this challenge, we need low-cost, multi-day energy storage. Currently, lithium-ion batteries are expensive and can’t hold a multi-day charge, while “green hydrogen” produced from electrolysis is still too costly despite growing interest.
This is the problem Form Energy CEO Mateo Jaramillo—an energy veteran and former vice president of products and programs for Tesla’s stationary energy storage program—set out to tackle by founding the firm in 2017. After investigating several technologies, the company identified iron-air batteries as the most promising and is now on a mission to reach the holy grail price of $20 per kilowatt-hour, combined with up to 100 hours of storage—enough to withstand a polar vortex in Minneapolis.
If Form Energy is successful, the grid and renewables will be transformed, making it possible for many nations to reach energy independence by combining renewables and low-cost energy storage.
The SOSV Climate Tech Summit is taking place online on October 20-21. It is a gathering to support Climate Tech innovators and investors across all sectors.