"Crusoe's purchase of 12 gigawatt-hours of Form Energy's 100-hour batteries is expected to bring hundreds of millions in new revenue for the battery company as it embarks on a $500 million funding round."
"Form's iron-air batteries operate by discharging electricity when oxygen flows over iron pebbles, producing rust, while charging involves de-rusting the iron to release oxygen."
"Crusoe has been operating a 12 megawatt, 63 megawatt-hour battery on a microgrid since June, which was the largest second-life battery installation at that time."
Crusoe is enhancing its energy storage capabilities by acquiring 12 gigawatt-hours of Form Energy's 100-hour batteries, with deliveries starting in 2027. This purchase is expected to generate significant revenue for Form Energy, which is currently raising $500 million. Form's innovative iron-air batteries utilize oxidation to generate electricity. Additionally, Crusoe is expanding its collaboration with Redwood Materials, which will provide 8 megawatts of power from repurposed EV batteries, complementing Crusoe's existing microgrid setup with a 12 megawatt battery.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]