Form Energy to build its first manufacturing plant in West Virginia
A Somerville-based battery manufacturer will build a $760 million plant, its first manufacturing facility, in West Virginia, along the Ohio River.
Form Energy will employ at most 750 people to make its sustainable iron-air batteries. The company developed them to meet the multi-day storage requirements of scalable renewable energies. The state will provide $75 million to purchase the land and build the buildings; West Virginia Governor. Form Energy, a global impact investing platform led by TPG Rise, raised $450 Million in a Series E financing round in October. This was the largest venture capital round by a Massachusetts-based technology company in 2022. Justice stated that the news was good news for Weirton. Weirton is a large industrialized town located 40 minutes from Pittsburgh, and right up against Pennsylvania's border. Mateo Jaramillo, CEO of Form Energy, stated that the Somerville firm was ready to commercialize its iron-air battery it has been working on for five years. Jaramillo stated that he would keep his factory in operation for many years and continue to build safe, cost-effective batteries for America's clean future.