West Virginia is concluding the year by announcing yet another major employer plans to grow roots in the state, a cutting-edge battery manufacturer bound for the traditional steel town of Weirton.
“Another great day in the state of West Virginia,” said Economic Development Secretary Mitch Carmichael in an announcement today at the state Culture Center.
The company is Form Energy, which develops energy storage systems. Among its financial backers is Breakthrough Energy Ventures, which includes celebrity investors like Bill Gates, Jeff Bezos and Richard Branson. Gates has touted the company’s work “creating a new class of batteries that would provide long-duration storage at a lower cost than lithium ion batteries.”
In October, the company announced it was then engaged in a robust site selection process for its first full scale battery manufacturing facility. Starting with identifying more than 100 initial sites across 16 states, Form narrowed the site selection to three states. At the time, Form Energy expected to make an announcement before the end of the year.
That time is now, and the state is West Virginia.
“This is as good of an announcement as could ever possibly be made,” Gov. Jim Justice said at the announcement.
This is the latest in a series of big economic development announcements in West Virginia, including Nucor Steel in Mason County, Commercial Metals in Berkeley County, Berkshire Hathaway companies in Jackson County, GreenPower Motor Company in Kanawha County and Pure Watercraft in Brooke County.
“Opportunity will flash in front of you,” Governor Justice said during today’s announcement.
To lay the groundwork for Form Energy, the West Virginia Economic Development Authority passed a resolution authorizing up to $75 million in economic incentives for the “high impact development project” in Hancock County.
In a meeting led by Governor Justice, the economic development authority approved the incentives on a vote of six yes, two no and one abstention.
Carmichael, the economic development secretary, said the development is in line to produce 750 jobs.
State officials said the total investment is up to $760 million. The governor said his administration plans on working with the Legislature and federal partners to obtain an additional $215 million needed to finalize the agreement.
Hancock County’s largest city is Weirton, long the headquarters of Weirton Steel, which was one of the world’s largest producers of tin plate products and a major West Virginia employer. Production there required more than 10,000 workers at the steel plant’s peak.
“That is the foundation that still exists, those people who made Weirton what it was — that ethos, that work ethic is still in Weirton, and that is the foundation that Form Energy is going to be built on,” said state Senator Ryan Weld, R-Brooke, who represents the district.
“This will be the day when we think back and say that’s where the tide turned for Weirton. All the steps in Weirton’s comeback have led to this, and it’s only the beginning of the story.”
State officials said the battery manufacturer will take shape on 55 acres of the old steel mill site.
Form Energy was founded in 2017 by a team that included Mateo Jaramillo, who had been the head of battery development for Tesla. Jaramillo spoke at today’s announcement at the state Culture Center.
“We’re so pleased to be here and celebrate this moment with you,” Jaramillo said.
The company says that it is “developing, manufacturing, and commercializing a new class of cost-effective, multi-day energy storage systems that will enable a reliable and fully renewable electric grid year-round.”
The company’s battery technology operates through a “reversible rusting” process. The battery breathes in oxygen from the air and converts iron metal to rust. When the battery charges, the reverse happens. An electrical current converts the rust back to iron, and the battery breathes out oxygen.
Form Energy says its first commercial product, an iron air battery, is capable of storing electricity for 100 hours at system costs competitive with legacy power plants.
Form Energy expects to start construction of its Weirton factory in 2023 and begin manufacturing iron-air battery systems in 2024 for broad commercialization.
“We look forward to working with Weirton community leaders in the coming months to determine how we can best support the needs of local residents in the area through lasting community partnership and engagement,” Jaramillo said.
