Google paid startup Form Energy $1B for its massive 100-hour battery

In a strategic move announced earlier this week, Google revealed plans to establish a new data center in Minnesota that will harness a blend of wind, solar, and an innovative battery technology developed by the startup Form Energy. The price tag for this cutting-edge electrochemical engineering solution is approximately $1 billion, as reported by The Information. Form Energy's remarkable iron-air battery is designed to deliver a steady output of 300 megawatts of electricity for an impressive duration of 100 hours. The battery operates using a unique process where oxygen is introduced into its cells, causing iron to rust and, in turn, releasing electrons. This technology will help regulate the flow of energy generated from 1.4 gigawatts of wind and 200 megawatts of solar power. Having dedicated years to perfecting this technology, Form Energy has established a production facility in West Virginia. Until now, the startup had not secured a major client, making the recent deal with Google a significant milestone. With this substantial order, Form Energy's CEO Mateo Jaramillo announced that the company is currently in the process of raising an additional $500 million. To date, Form Energy has successfully raised $1.4 billion, as per PitchBook's records, and is planning to go public next year.