![]() Companies like Form exemplify why we established the XCarb ® Innovation fund t hey can play an important role in helping our industry’s transition. “ Steel plants operate on a 24/7 basis so as we evolve our manufacturing processes to incorporate clean energy sources, sourcing solutions to overcome the intermittent nature of renewable energy has an important role to play in our decarbonisation journey. “ Form has made exciting progress in advancing the development of its technology since our initial investment last year, and we are pleased to further extend our involvement with them as they work towards establishing their first large scale manufacturing facility. Work falling under this agreement to define the operational modifications to produce a specially modified DRI product for Form Energy’s batteries has progressed well and plans are being put in place for larger scale production trials.Ĭommenting, Irina Go rbounova, head of the XCarb ® Innovation fund, ArcelorMittal, said: ![]() Starting with identifying over 100 initial sites across 16 states, Form has narrowed the site selection to three states and expects to make an announcement in this regard before the end of the year.Īt the time of ArcelorMittal’s initial investment in Form, the two parties also signed a joint development agreement to explore the potential for ArcelorMittal to provide direct reduced iron (‘DRI’), tailored to specific requirements, to Form as the iron input into their battery technology. ![]() It is currently engaged in a robust site selection process for its first full scale battery manufacturing facility. The investment, which is part of Form’s oversubscribed $450 million Series E financing round, is the second investment ArcelorMittal has made in the company, following its initial investment of $25 million announced in July 2021.įorm Energy was founded in 2017 and is developing, manufacturing, and commercialising a new class of cost-effective, multi-day energy storage systems that will enable a reliable and fully renewable electric grid year-round. ![]() (‘Form Energy’ or ‘Form’) via its XCarb® Innovation fund. ArcelorMittal today announces it has invested a further $17.5 million in Form Energy Inc. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |