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Form Energy Partners with Xcel Energy on Two Multi-day Energy Storage Projects
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
Form Energy has formed a partnership with Xcel Energy to deploy its 100-hour iron-air battery systems at retiring coal plant sites in Minnesota and Colorado. The two 10 MW / 1,000 MWh storage systems are designed to enhance Xcel Energy's ability to integrate low-cost renewable energy as part of its transition to a sustainable energy future. Expected to be operational by 2025, both projects will require regulatory approvals. The collaboration aims to improve grid reliability, support a significant reduction in carbon emissions by 2030, and bolster the integration of wind energy amidst weather variability.
Positive
Partnership with Form Energy aims to enhance renewable energy integration for Xcel Energy.
Projects expected to be operational by 2025, supporting a transition to sustainability.
Aims for 80% reduction in carbon emissions by 2030, with long-term plans for carbon-free electricity by 2050.
Negative
None.
Form’s 100-hour iron-air battery system to expand access to reliable, low-cost renewable energy generated for Xcel Energy’s Minnesota and Colorado customers
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.
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.”
About Form Energy
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.
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.
