ArcelorMittal is investing in energy storage. The Luxembourg-based global steel manufacturer announced on Oct. 4 a $17.5 million dollar investment in Form Energy Inc.
Founded in 2017, Form Energy is a Somerville, Mass.-based company with employees in the San Francisco Bay area and Pittsburgh. The manufacturer is developing an iron-air battery that will be able to store electricity for 100 hours at costs commensurate with established power plants, and to eventually reform the global electric system to run on 100% low-cost renewable energy.
The recent funding is the second investment ArcelorMittal has made in the energy storage organization. During the initial investment of $25 million, the two companies agreed to explore the possibility of ArcelorMittal supplying direct reduced iron (DRI) to Form as the iron input for their batteries.
“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 decarbonization journey,” stated Irina Gorbounova, head of the XCarb Innovation fund at ArcelorMittal.
The XCarb Innovation fund was founded in March 2021. The fund supports ArcelorMittal’s efforts toward decarbonization by investing in other companies that are developing technologies which support and expedite the transition to lowering carbon emissions.
By Becca Moczgyemba, Becca@SteelMarketUpdate.com
Becca MoczygembaRead more from Becca Moczygemba
Latest in Steel Mills
USS Granite City HSM, downstream ops continue despite idling of steelmaking
U.S. Steel will continue to operate the hot strip mill and finishing lines at its Granite City Works in southern Illinois.
SMU survey: Direction of mill lead times mixed on holiday season lull
Movements in lead times were mixed in SMU’s check of the market this week – a reflection of the seasonal dip in ordering that is typically seen during the winter holiday season.
TimkenSteel implements Worlds’ AI platform into steelmaking ops
TimkenSteel has begun utilizing AI software from Worlds to gain insight into its steel manufacturing processes.
AM/NS Calvert, Outokumpu extend tolling arrangement
AM/NS Calvert will continue providing hot rolling tolling services for Outokumpu for the time being.
SMU Community Chat: Algoma’s CEO talks prices, decarb, raw materials
Algoma Steel’s CEO Michael Garcia joined SMU Managing Editor Michael Cowden for a Community Chat on Wednesday, Nov. 29. A great discussion was had on topics ranging from plate pricing to decarbonization efforts, raw materials strategies, and more.