Bringing the Company One Step Closer to Manufacturing 100-hour
Iron-Air Battery Systems for Broad Commercialization
WEIRTON,
W.Va., May 26, 2023 /PRNewswire/ -- Today, Form
Energy, Inc., an American technology company developing and
commercializing a new class of cost-effective, multi-day energy
storage systems, held a groundbreaking and beam signing ceremony to
celebrate the start of construction of Form Factory 1, the
company's first high-volume manufacturing facility. Located in
Weirton, West Virginia, Form
Factory 1 will employ at least 750 people when operating at full
capacity. Form Energy was joined by federal, state, and local
officials, as well as customers, investors, and stakeholders from
across the region to celebrate the exciting milestone.
"Today's announcement here in the heart of steel country will
unlock new opportunities for energy communities that have helped
power our nation for generations, and is a huge win—for
Weirton, for West Virginia, and for America," said U.S.
Secretary of Energy Jennifer M.
Granholm. "Thanks to historic incentives in the
Inflation Reduction Act, companies across the nation are beginning
to invest in America again—strengthening our energy security and
domestic manufacturing capabilities while creating good-paying jobs
right here at home."
Form Energy selected Weirton, West
Virginia as the home of its first factory after a robust,
year-long, nationwide site selection process that included
reviewing over 500 candidate locations across 16 states. The
company ultimately chose a 55-acre site in Weirton because of the historic steel
community's strong cultural heritage and the site's direct access
to rail, hardened highways, and the Ohio River.
CEO of Form Energy, Mateo
Jaramillo, said at today's ceremony, "When we founded
Form Energy, we set out to transform the electric grid through
reliable, low-cost multi-day energy storage made in America. Today,
as we commence construction of our first U.S. battery manufacturing
facility, we celebrate the transformation and revitalization of
this historic industrial steel site and that we are one step closer
to delivering on our mission of manufacturing energy storage
systems for a better world right here in West Virginia. We are thankful to the many
leaders and individuals who helped us get to this critical
milestone, including federal leadership — U.S. Secretary of Energy
Jennifer Granholm, Senator
Joe Manchin, Senator Shelley Moore Capito — and West Virginia state leadership — Governor
Jim Justice, Economic Development
Secretary Mitch Carmichael, Senate
President Craig Blair, Speaker
Roger Hanshaw of the House of
Delegates, Senator Weld and Delegate Zatezalo and the local
officials in the City of Weirton
and in Hancock County."
Form Energy will begin manufacturing and assembling its iron-air
battery systems at the Weirton
factory for broad commercialization in mid-to-late 2024. Form
Factory 1 will have an annual production capacity of 500 megawatts
of batteries when in full operation.
U.S. Senator Joe Manchin
(D-WV), Chairman of the Senate Energy and Natural Resources
Committee, remarked, "For generations, West Virginians have
done the heavy lifting. We've mined the coal that forged the steel
that built the tanks and ships and the greatest industrial might
the world has ever known. The sacrifices our families and workers
have made to power the country and keep the lights on have helped
the United States become the
superpower of the world and a global energy leader. With today's
groundbreaking, West Virginia is
once again stepping up to the plate and building on our legacy as
America's energy powerhouse while helping ensure our nation's
energy security and independence."
Senator Manchin added, "Today's groundbreaking is a
direct result of the Inflation Reduction Act, and this type
of investment, in a community that has felt the impact of the
downturn in American manufacturing, is an example of the IRA bill
working as we intended. The people of Weirton's unbeatable work ethic, our strong
community college workforce programs, and the infrastructure
already in place, along with incentives we included in the
Inflation Reduction Act, have all come together to ensure
that Weirton and all of
West Virginia will continue to use
our natural resources — coal and gas that we can produce cleaner
than anywhere else in the world — as we invest in advanced energy
technologies of the future. Today, we have proven that competitive
investments that drive innovation, not elimination, are the keys to
a thriving, energy independent nation."
Form Energy is partnering with the State of West Virginia to build Form Factory
1. The manufacturing facility represents a total direct investment
of up to $760 million, with a
financial incentive package from the State of West Virginia worth approximately
$290 million in asset-based,
performance financing.
West Virginia Economic Development Secretary Mitch Carmichael, said, "It is wonderful to
be here today with Form Energy at the site of the old Weirton Steel
Mill and to honor the people and the history of this great steel
community. I have had the pleasure of working closely with the Form
Energy team and, personally, very proud that Weirton, West Virginia was selected as the
location for their first iron-air battery manufacturing facility.
This factory will build upon the legacy of the community and will
continue West Virginia's
leadership in producing and providing the manpower to strengthen
our American electrical grid. Today's groundbreaking is an exciting
and important step towards creating 750 new, good-paying
manufacturing jobs and opens the door to economic revitalization in
the Northern Panhandle."
To learn more about Form Energy and stay up to date on the
latest developments and job openings at Form Factory 1, please
visit www.formenergy.com.
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SOURCE Form Energy, Inc.