Mateo Jaramillo emphasized that while efficiency is important in batteries, Form Energy's focus is on reducing production costs through the use of iron instead of lithium.
Form Energy's batteries are designed to produce electricity from rusting iron and are recharged by converting rust back to iron, creating lower-cost energy storage.
The company targets electric utilities needing cost-effective battery solutions to store excess electricity generated from wind and solar during periods of low demand.
Form Energy recently broke ground on its first commercial project in Minnesota, showcasing its commitment to providing an economical battery alternative, despite inefficiency.
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