Boston, MA – August 17, 2023 – Today, Form Energy announced that it has been awarded a $12 million grant from the New York State Energy Research and Development Authority (NYSERDA) to accelerate the deployment of a 10 megawatt / 1000 megawatt-hour iron-air battery system in New York State. Expected to come online by 2026, the project will demonstrate the value of multi-day energy storage in helping the State achieve its aggressive decarbonization goals, while advancing grid reliability and resiliency. This will be Form Energy’s first demonstration project in New York, and the only multi-day energy storage project in the State to date.
Form Energy received the award through NYSERDA’s long-duration energy storage grant program, a $17 million fund intended to expedite commercialization of promising technologies offering 10 to 100+ hours of energy storage.
Doreen M. Harris, President and CEO of NYSERDA, said, “NYSERDA is pleased to support Form Energy’s demonstration of a multi-day battery system here in New York that could help advance our progress in achieving the State’s climate and clean energy goals. Through projects like this, we are advancing the necessary technology to ensure clean renewable energy can be safely stored and fed to the grid when needed as we transition to a zero-emission future.”
New York State has one of the most ambitious climate plans in the country, with targets to deploy 70% renewable energy, three gigawatts of energy storage on the grid by 2030, and 100% carbon-free electricity by 2040. As renewable power becomes a larger part of New York’s energy mix, long-duration and multi-day storage technologies will be needed to ensure grid reliability during extreme weather events, lulls in renewable energy generation, and periods of severe transmission congestion. According to NYISO’s 2022 Power Trends report, 10% of New York’s 2040 energy supply will need to come from “long-duration, dispatchable, and emission-free resources.”
This finding is supported by Form Energy’s recent, independent analysis of the NYISO market using Formware™, the company’s grid modeling and portfolio planning tool. Form’s analysis found that a least-cost, decarbonized portfolio for New York in 2040 included 35 GW of multi-day and long-duration storage and could result in nearly 30% system cost savings. To read Form Energy’s whitepaper, “Modeling Multi-Day Energy Storage in New York”, detailing these findings, click here.
Mateo Jaramillo, Co-Founder and CEO of Form Energy, remarked, “We are very pleased to have been selected for NYSERDA’s long-duration energy storage award. Our analysis indicates that multi-day storage has significant potential to help New York meet its decarbonization and grid reliability goals. This grant allows us to accelerate deployment of our first multi-day battery system in New York and sets the path for us to deliver further multi-day storage projects in the State in the future.”
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About Form Energy
Form Energy is an American technology company developing and commercializing a new class of cost-effective, multi-day energy storage systems. Form Energy’s first announced commercial product is a rechargeable iron-air battery capable of delivering electricity for 100 hours at system costs competitive with conventional power plants. Made from iron, one of the safest, cheapest, and most abundant minerals on Earth, this front-of-the-meter battery can be used continuously over a multi-day period and will enable a reliable and secure grid year-round. To learn more about Form Energy, please visit FormEnergy.com.
Form Energy Media Contacts:
Sarah Bray (sbray@formenergy.com; 832.226.2116)
Olivia Evans (oevans@formenergy.com)
