Form Energy Establishes Weirton, West Virginia, Iron-Air Battery Facility
Construction on the plant, located on 55 acres, is scheduled for 2023 with production in 2024.
“After a year-long nationwide site selection process that started with identifying over 500 candidate locations across 16 states, it became abundantly clear that Weirton, West Virginia, a historic steel community that sits on a river and has the rich heritage and know-how to make great things out of iron, is the ideal location for our first commercial battery production factory,” Mateo Jaramillo, Co-founder and CEO of Form Energy said. “We look forward to working with Weirton community leaders in the coming months to determine how we can best support the needs of local residents in the area through lasting community partnership and engagement.”
Funds put toward this project are guaranteed, secured, and collateralized through ownership of all land and buildings by the state, according to the Governor’s office. The West Virginia Economic Development Authority allocated $75 million toward the purchase of land and the construction of buildings.
"Weirton is long overdue for some incredible news," Governor Jim Justice noted. "At one point, Weirton was one of America's most important steel towns, a national leader in steel production. Now, this historic city is looking toward the future, and it's very bright with Form Energy opening its doors. We structured a unique financial incentive package worth up to $290 million in asset-based, performance financing to support their decision to locate in Weirton.”
Form Energy is an American energy storage technology and manufacturing company that is developing and commercializing an iron-air battery capable of storing electricity for 100 hours at system costs competitive with legacy power plants. The company’s pioneering multi-day battery will reshape the electric system to reliably run on 100% low-cost renewable energy, every day of the year.
“We are so glad that Form Energy said yes to West Virginia and are excited to welcome the company to Weirton,” West Virginia Department of Economic Development Secretary Mitch Carmichael said. “We will continue to support them in any way we can. Creating 750 jobs and investing $760 million in our state is not something to take lightly, and we can’t wait to see how this company will thrive with our strong workforce. I hope that West Virginia will continue manufacturing batteries for years to come.”
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