Form Energy Partners with Xcel Energy on Two Multi-day Energy Storage Projects
27 January 2023 - 12:30AM
Business Wire
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
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.
To learn more about Form Energy, please visit
www.FormEnergy.com.
About Xcel Energy
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230126005202/en/
Sarah Bray SBray@formenergy.com 832.226.2116
Kevin Coss Kevin.G.Coss@xcelenergy.com 612-215-5300
Xcel Energy (NASDAQ:XEL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Xcel Energy (NASDAQ:XEL)
Historical Stock Chart
From Apr 2023 to Apr 2024