Google Pays Form Energy $1B for Massive 100-Hour Iron-Air Battery System
Key Takeaways
- ▸Google paid approximately $1 billion for Form Energy's 30GWh iron-air battery system capable of 100 hours of continuous discharge
- ▸The battery uses innovative iron-air chemistry that generates electricity through controlled rusting, offering much longer duration than lithium-ion alternatives
- ▸Form Energy is raising $500 million and plans to IPO in 2027, having secured its first major customer after years of development
Summary
Google has purchased a groundbreaking energy storage system from startup Form Energy for approximately $1 billion, marking one of the largest battery deals in history. The iron-air battery system can deliver 300 megawatts of continuous power for up to 100 hours, providing 30 gigawatt-hours of total energy storage capacity. The battery will support Google's new Minnesota data center by smoothing power delivery from 1.4 gigawatts of wind and 200 megawatts of solar generation.
Form Energy's technology works through an innovative iron-air chemical process that essentially "breathes" — oxygen pumped into the cells rusts iron, releasing electrons to generate electricity. This represents a major breakthrough in long-duration energy storage, addressing one of renewable energy's biggest challenges: maintaining consistent power when the sun isn't shining and wind isn't blowing. The startup has been developing this technology for years and recently opened a manufacturing facility in West Virginia.
The deal represents Form Energy's first major customer win and has catalyzed significant business momentum for the company. CEO Mateo Jaramillo announced the startup is currently raising a $500 million funding round, adding to the $1.4 billion it has raised to date according to PitchBook. The company plans to go public in 2027, riding the wave of increased demand for renewable energy storage solutions as tech giants race to power AI data centers with clean energy.
- The system will help Google's Minnesota data center manage intermittent renewable power from 1.4GW of wind and 200MW of solar
