Published by Todd Bush on January 26, 2023
January 26, 2023 08:30 AM Eastern Standard Time BOSTON--(BUSINESS WIRE)--Form Energy, Inc., an American technology company developing and commercializing a new class of cost-effective, multi-day energy storage systems, announced today that it has entered into definitive agreements with Xcel Energy (NASDAQ: XEL) to deploy its iron-air battery systems at two of Xcel Energy's retiring coal plant sites. The storage technology will allow Xcel Energy to integrate more low-cost, renewable energy into its system and maintain reliability as it retires the coal plants in the coming years and transitions to a highly renewable future.
>> In Other News: Imperial Approves $720 Million for Largest Renewable Diesel Facility in Canada
Xcel Energy–Minnesota will deploy a 10 MW / 1,000 MWh multi-day storage system at the Sherburne County Generating Station in Becker, Minnesota. Xcel Energy–Colorado will deploy a 10 MW / 1,000 MWh multi-day storage system at the Comanche Generating Station in Pueblo, Colorado. Both projects are expected to come online as early as 2025 and are subject to regulatory approvals in their respective states.
Bob Frenzel, Chairman, President and CEO of Xcel Energy, said: 'We're on track to reduce our electric system carbon emissions 80% by 2030 and to deliver carbon-free electricity by 2050. As we build more renewable energy into our systems, our partnership with Form Energy opens the door to significantly improve how we deliver carbon-free energy so that we can continue to provide reliable and affordable electric service to our customers well into the future.'
Form Energy and Xcel Energy collaborated on extensive modeling with Formware™, Form Energy's next-generation investment and operational modeling tool for power grids. This modeling helped Xcel Energy validate how Form's multi-day storage will enhance Xcel Energy's ability to reliably and cost-effectively integrate large amounts of wind energy and other renewable resources on its system. Additionally, this analysis demonstrated that Form Energy's 100-hour iron-air battery technology will strengthen the grid against normal day-to-day, week-to-week, and season-to-season weather variability, in addition to extreme weather events including severe winter storms and polar vortex events.
Mateo Jaramillo, CEO and Co-founder of Form Energy, added: 'Xcel Energy operates across some of the richest wind-resource areas in North America. We're very pleased to work with the Xcel Energy team to maximize use of its renewable generation by providing a technology solution that will ensure their customers benefit from reliable and cost-effective service year-round. This partnership highlights Xcel Energy's commitment to ensuring grid resiliency and reliability, energy security, and access to low-cost clean energy when and where it is needed – every day of the year.'
Form Energy is a U.S. energy storage technology and manufacturing company that is developing and commercializing a pioneering iron-air battery capable of storing electricity for 100 hours at system costs competitive with legacy power plants. Form's multi-day battery will reform the global electricity system to run on 100% low-cost renewable energy, every day of the year.
To learn more about Form Energy, please visit www.FormEnergy.com.
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🧪 CF Industries Announces Joint Venture with JERA Co., Inc., and Mitsui & Co., Inc., for Production and Offtake of Low-Carbon Ammonia 🪨 Microsoft Signs Large Carbon Removal D...
Inside This Issue 🚢 US Against Plan for Levy on Carbon Emissions From Ships, Leak Suggests 🌱 Envitec Biogas Commissions Its Largest Anaerobic Digestion Plant in the US 🖥️ First-of-Its-Kind AI-powe...
Inside This Issue 🏗️ Carbon Capture Gets Real: How Occidental and 1PointFive Are Reshaping Clean Energy in the U.S. 🌊 St Ives Bay Carbon Capture Plans Scrapped 🚢 Major Nations Agree on First-ever ...
Major Events: Canadian Hydrogen Convention Returns to Edmonton Convention Centre for Its Fourth Year
EDMONTON, Alberta, April 16, 2025 (GLOBE NEWSWIRE) -- WHAT: We are pleased to share the following major events taking place during the Canadian Hydrogen Convention, organized by dmg events, in ...
U.S. Energy Corp. Announces Acreage Acquisition and CCUS Development Update
HOUSTON, April 16, 2025 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ: USEG, “U.S. Energy” or the “Company”) today announced the closing of a strategic acquisition (the “Acquisition”) from a ...
Geomega and Rio Tinto Provide Update on Bauxite Residue Valorization Pilot
MONTREAL, April 16, 2025 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX.V: GMA) is pleased to provide an update on the bauxite residue valorization activities, don...
Technip Energies (PARIS:TE) has been awarded a Front-End Engineering Design (FEED) contract by Jet Zero Australia Pty Ltd (Jet Zero) for Project Ulysses, a bioethanol to sustainable aviation fuel (...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.