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An artist rendering of Form Energy’s battery system.
Rendering courtesy Form Energy

A secretive start-up called Form Energy says it’s developing and scaling the production of a new type of rechargeable battery that can store electricity for 100 hours.

Form hasn’t publicly demonstrated its technology or shared proof that it works. Nonetheless, the company has lined up more than $360 million in funding, including a new $240 million round that closed Tuesday, and partners and outside experts are optimistic about its potential.

One notable funder is Breakthrough Energy Ventures, which includes tech celebrities Jeff Bezos, Bill Gates, Reid Hoffman and Richard Branson as investors. In one of his blog posts, Gill Gates touted the importance of Form Energy’s work, writing that it was “creating a new class of batteries that would provide long-duration storage at a lower cost than lithium ion batteries.”

Its first utility partner, Minnesota-based Great River Energy, describes their work together as a pilot project that could be an “important contribution to grid reliability and energy affordability should they achieve commercial success,” a spokesperson says.

In order to be at net-zero by mid-century, meaning that the globe is absorbing as much greenhouse gases as are still being emitted, solar and wind capacity will need to quadruple and investments in renewable energy will need to triple by 2030, according to comments from United Nations Secretary General António Guterres.

For that to happen, there also must be a ramp up of long duration battery storage. There has to be a way to provide electricity when the sun isn’t shining and the wind isn’t blowing. That’s the market Form Energy is attempting to serve.

No public data, lots of faith

Until recently, the company had been operating under the radar. In October 2019, CEO Mateo Jaramillo, a former Telsa vice president, noted his own reticence to speak with the media.

“As you’ve maybe seen, there isn’t a lot of press about us. And we’ve tried to tamp down anything other than what’s necessary,” he told CNBC at the time, speaking at the Tough Tech Summit in Boston, in the backyard of the company’s headquarters in Somerville, Mass. “There’s just a fraught history with battery startups over the last 15 years. Which is why that hesitancy in general. The industry is a little weary, I would say.”

Despite the company’s early tendency to skirt the spotlight, it’s had no trouble raising funds. On Tuesday, Form Energy announced it had closed a $240 million Series D financing round, led by the decarbonization XCarb innovation fund of the global steel manufacturer ArcelorMittal. Form Energy and ArcelorMittal are working together to develop iron materials for Form’s first commercial battery technology which “ArcelorMittal would non-exclusively supply for Form’s battery systems,” according to a statement. Breakthrough Energy Ventures also participated in the round.

However, Form has released no public data to verify the performance of its long-duration battery technology. (The company prefers the term “multi-day storage” to differentiate it from other companies working on shorter-long-duration batteries.)

The Form Energy battery.
Photo courtesy Form Energy

“We have been doing extensive testing internally. But you asked about public data. There is no public data, we don’t publish public data. We’re a private company, so we don’t need to,” Jaramillo told CNBC in a phone conversation in August.

“We are extremely transparent with our partners … about the testing that we have, the cells that we’re building and testing … but all of the structure of our experiments and exactly what goes in there that’s quite proprietary,” Jaramillo said.

CNBC spoke with several of these funders and partners to learn what they saw in the company’s technology.

Great River Energy is working with Form Energy to implement a one-wasmegawatt battery storage pilot project in Cambridge, Minn. Form Energy’s battery technology depends on having access to iron, and a swath of northern Minnesota is called the Iron Range for its extensive deposits.

The management and technical teams of Form Energy and Great River have been collaborating for more than three years, says Jon Brekke, vice president and chief power supply officer for the utility.

“During this time, Form has shared with us plans, actions, and results of their technology development work that directly supports our pilot project,” Brekke told CNBC. “A shared vision of low cost, long duration storage led us to this pilot project. We see these efforts as an important contribution to grid reliability and energy affordability should they achieve commercial success.” 

While Great River Energy reports to have seen evidence of Form Energy’s battery tech working, the California Energy Commission, from which Form Energy won a $2 million dollar grant, has not.

In June 2020, the California Energy Commission, the state’s primary energy policy and planning agency, granted Form Energy the money to be used for pursuing the development of energy storage technologies that do not require lithium. “Grants are awarded on a competitive basis, meaning they are scored based on their technical merit,” Michael Ward, spokesperson for the California Energy Commission told CNBC.

That said, the California Energy Commission “has not seen specific performance data on the iron-air technology yet,” according to CEC researcher Mike Gravely. It expects to “receive that data when the system is built and tested” at a test site at the University of California at Irvine.

Form Energy’s air electrode, a component of its battery technology.
Photo courtesy Form Energy

A co-chair of the investment committee at Breakthrough Ventures, Carmichael Roberts, said the firm would not comment on the performance of Form Energy’s technology. However, he told CNBC the caliber of the personnel gave the Breakthrough team the confidence to invest.

“When we started Breakthrough Energy Ventures, we knew that long duration energy storage was going to be an important part of the portfolio. When we learned that Yet-Ming and Mateo were each creating a new battery company, we saw it as the perfect opportunity to bring together two of the world’s leading experts, and Form was launched,” Roberts told CNBC. Yet-Ming Chiang is a co-founder and the chief scientist at Form Energy, and a professor at Massachusetts Institute of Technology since 1985.

“We knew that the core technology had great potential, but more importantly we had faith in the team that could deliver it,” Roberts said.

The rechargeable iron-air battery Form Energy is not the only technology the company has pursued.

In 2018, Form Energy received $3.8 million from the federal government’s Department of Energy as a part of the Advanced Research Projects Agency for Energy (abbreviated as ARPA-E). But that was for a different battery based on “aqueous sulfur battery chemistry,” Form told CNBC.

“We chose to focus on an iron-air battery as our first commercial offering both because of its promising performance in the lab and because the iron-air chemistry positions us to tap into the global iron supply chain that already exists to support steel manufacturing,” the company said.

How iron-air battery tech works

The essential ingredients in Form’s battery are iron, air and water, all readily available and low cost. The battery works with a process the company calls “reversible rusting.”

To charge, an electric current converts rust back to iron and the battery breathes out oxygen. To discharge, the battery takes in oxygen from the air and converts the iron to rust.

Each battery is filled with a non-flammable electrolyte liquid, similar to the electrolyte used in AA batteries and is about the size of a washing machine, Form Energy says. Thousands of the washing machine-size battery modules are clumped together in power blocks and depending on what is needed, tens to hundreds of power blocks can be connected to the electricity grid.

A diagram of the Form Energy iron-air battery technology.
Form Energy

The technology is not new. “You can get something to rust, obviously. Rust happens all the time,” Jaramillo told CNBC. “To better control that process and to control it at its least cost, most performing points is an altogether separate matter.”

Experts agree that the technology has promise.

“There is obvious economic potential if iron can substitute for expensive precious metals such as cobalt, nickel and lithium,” says Stefan Reichelstein, an accounting professor at the Stanford Graduate School of Business whose recent work includes studying the cost competitiveness of low-carbon energy solutions.

“But the information disclosed thus far leaves open the key question: What is the unit cost of storing (and discharging) electricity in relatively few — rather than daily — cycles each year?” he added.

The cost question

Form Energy aims to have its battery cost less than $20 per kilowatt-hour, the company tells CNBC. If the company can deliver on that cost goal, it would be a meaningful advance, experts say.

“From an economics point of view, Form’s announced cost target of $20 per kilowatt-hour is in line with what we found in our study published in Nature Energy to be the cost level required for long-duration energy storage to play a significant role in decarbonization of energy systems,” Nestor Sepulveda, who holds a Ph.D. from the Massachusetts Institute of Technology in developing methodologies that combine operations research and analytics to guide the energy transition and cleantech development, told CNBC.

By comparison, lithium ion batteries cost between $100 and $200 per kilowatt-hour, explained Mark Z. Jacobson, a professor of Civil and Environmental Engineering at Stanford.

Form Energy’s iron anode, a component of its battery technology.
Photo courtesy Form Energy

“If the cost is actually $20 per kilowatt-hour, that would be a breakthrough and allow the rapid large-scale transformation of all electricity world wide to clean, renewable (wind-water-solar) electricity,” Jacobson said.

Battery tech at the $20 per kilowatt-hour price point “would eliminate the need for natural gas or any other type of combustion fuel for backup power,” Jacobson told CNBC. “It would break any chance of nuclear power from playing a role in an energy future. It would end coal, fuel oil, and natural gas as fuels for electricity generation.”

Sepulveda, who is currently working as a consultant, is a bit more conservative about what $20 per kilowatt-hour means.

He said the threshold is meaningful “with very high penetration of renewables (not our current levels).” So in order for $20 per kilowatt-hour to be meaningful for the quest for carbon reduction, there will have to be more renewable energy production on the ground. “The question then becomes, is there a market in the near future for these technologies? I think that the answer is that there is going to be a niche market for long-duration-energy-storage in the short-medium term, but a big one in the long-term.”

Even while “$20 per kilowatt-hour is very cheap,” Sepulveda and his co-authors determined it the price of long-duration battery storage would need to be less than $10 per kilowatt-hour to “meaningfully displace” other forms of firm energy generation, which refers to energy technologies that can be counted on to meet demand when it is needed in all seasons and over weeks or longer.

The demand for multi-day-battery technology depends on the development of other technologies, too.

“While it seems plausible that iron-air batteries are less expensive than lithium-ion batteries, the more interesting comparison will be with other seasonal storage technologies, for instance, hydrogen conversion,” Reichelstein said to CNBC.

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Fast charging just got sleeker: Delta’s 50kW Wallbox launches in US

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9 hours ago

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April 23, 2025

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Fast charging just got sleeker: Delta's 50kW Wallbox launches in US

Delta 50kW Wallbox
Photo: Delta Electronics

Fremont, California-based Delta Electronics just rolled out a sleek new 50kW DC Wallbox charger that’s designed for tight spaces at ACT Expo 2025.

This charger packs a punch in a surprisingly slim, 10-inch-thick, and lightweight (just 225 pounds!) casing that can be wall-mounted or set up on a pedestal. It’s specifically designed for tight spaces like urban parking lots, busy corporate campuses, or crowded fleet operation hubs.

Delta plans to manufacture these 50kW DC Wallbox chargers in Plano, Texas, keeping it local and supporting the rapid EV infrastructure growth across North America.

A 50 kW charger is at the low end of Level 3 fast charging speed, because you don’t always need to charge your car in 25 minutes. It’s the ideal charging speed for shopping, lunch, or seeing a film. Eng Taing, Delta’s senior VP and GM of energy & telecom Infrastructure, says, “Our focus is on seamlessly integrating high efficiency charging into the diverse scenarios of everyday life, including commercial operations, not just maximizing power output.”

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With a 97% efficiency rate, the Wallbox can juice up two EVs simultaneously using either CCS1 or NACS connectors. Plus, the 23-foot cable makes it easy to accommodate nearly any parking layout, eliminating headaches during installation.

Delta’s vertical integration approach means it handles everything from design to manufacturing. But it doesn’t stop at hardware; the charger also connects to Delta’s IoT platform, offering remote diagnostics, predictive maintenance, and over-the-air updates. That hopefully means fewer disruptions and smoother operations for fleet managers and EV users.

If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Used EV prices fell 40%, and buyers are searching like never before

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10 hours ago

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April 23, 2025

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Used EV prices fell 40%, and buyers are searching like never before

Used EVs

More car buyers are hunting for used EVs – CarMax says searches filtered by “electric vehicle” have nearly doubled since January 2022.

CarMax saw EV searches surge in March 2022 and again in June 2024. The first spike lined up with the gas price shock after Russia invaded Ukraine, and the second came right as the Biden administration rolled out its $4,000 federal tax credit for used EVs.

The online used car marketplace’s Spring 2025 Electric Vehicle Consumer Report shows just how far used EV prices have tumbled, down over 40% between January 2022 and February 2025. By comparison, prices for gas cars, hybrids, and plug-in hybrids only slipped about 12% over the same period.

For the third year running, the Tesla Model 3 and the Model Y were in the No. 1 and No. 2 slots, respectively, from September 1, 2024, to February 28, 2025. The Chevy Bolt jumped into third place from its previous spot at No. 7 in 2024 and 2023. The Ford F-150 Lightning (7) and the Rivian R1T (10) made the top 10 for the first time, while the Tesla Model S and the Audi e-tron dropped out. The Hyundai Ioniq 5 and Nissan Leaf were at Nos. 5 and 6, and the Volkswagen ID.4 (4), Nissan LEAF (6), and the Ford Mustang Mach-E (9) made the list for the third year in a row.

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What people are trading in

For the first time ever, more people are ditching sedans and coupes for EVs than SUVs. CarMax says sedans and coupes made up 44% of all EV trade-ins, up from 36% in 2024 and just 29% the year before. It’s a clear sign that the EV switch is picking up speed across more than just SUV drivers.

When customers traded in sedans for EVs during this report’s measurement period, the most common EVs they purchased were the Tesla Model 3, Tesla Model Y, and Chevy Bolt EUV. 

The top traded-in model for an EV at CarMax was the Tesla Model 3, and those who traded in a Model 3 usually went for a Model Y. The rest of the top five include the Honda Civic and Accord, the Nissan LEAF, and the Toyota Prius. The Ford F-150 truck, the top trade-in alongside the Accord in the 2024 report, dropped off the list.

Since this is CarMax’s report, it’s of course based on data sourced from its 250 stores across the US. In 2025, Oregon beat California to become the state with the highest percentage of EV sales compared to each state’s total sales at CarMax. California has previously held the top ranking since 2023. 

The West Coast continued to dominate when it came to used EV sales. California and Washington were in second and third place, respectively. Nevada and Arizona were fourth and sixth, while Utah and New Mexico (new to the top 10 list this year) held spots five and seven. On the East Coast, New York (10) appeared on the list for a second time, dropping two spots from No. 8 in 2024. 

The newcomers include Minnesota, which jumped 24 spots in a year to No. 8, and New Jersey, which moved up six slots to No. 9.

To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Heybike Hauler cargo e-bike at new $1,099 low, EcoFlow multi-day power station flash offers from $349, Aiper solar pool skimmer, more

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12 hours ago

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April 23, 2025

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Heybike Hauler cargo e-bike at new ,099 low, EcoFlow multi-day power station flash offers from 9, Aiper solar pool skimmer, more

Headlining today’s Green Deals is Heybike’s Mother’s Day Sale that is taking up to $500 off e-bikes on top of offering some additional free gear, with the brand’s Hauler Cargo e-bike getting brought down to a new $1,099 low, among others. We also have EcoFlow’s final flash offers that will be running for the duration of its Mega Sale through April 15, with notable returning low prices on the RIVER 2 Pro power station, a DELTA Pro 3 solar generator bundle, an EcoCredits purchase opportunity from $1, and more. You can prep for swimming season by grabbing Aiper’s latest Surfer S2 Solar Pool Skimmer while it’s back at its $320 low, as well as gear up for camping and storm cleanup needs with Greenworks’ second-generation 40V 12-inch Cordless Electric Chainsaw at $128. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s exclusive $2,000 in savings on EcoFlow’s DELTA Pro Ultra station at a new low price, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Heybike’s latest Hauler cargo e-bike with a 440-pound payload for up to 85 miles starts from new $1,099 low

Heybike is launching its Mother’s Day Sale through May 11 with up to $500 taken off initial e-bike prices while also offering free gear along with your purchase. Amongst the bunch, we spotted Heybike bringing its latest Hauler Cargo e-bike down to $1,099 shipped during this sale. Recently, it’s been carrying a full $1,499 price tag since the start of 2025, which we saw drop to $1,199 in February before staying at $1,399 in the sales since. Today’s deal, though, is coming in better than ever as a $400 markdown that takes things to a new all-time low price. You’ll also be getting the bonus of a large rear cargo basket that attaches to the rear rack. Head below for more.

A solid option for folks who are looking for an alternative for errand running over their car, the Heybike Hauler e-bike sports a 750W brushless geared hub motor that reaches a top speed of 28 MPH and can peak at 1,400W for inclines and better pick-up when hauling packages, groceries, and the like. There are two removable battery options here, depending on just how much travelling you plan to do, with a single 18Ah setup for up to 55 miles on a single charge with its PAS levels activated, or you can upgrade with an additional 12.5Ah battery at $300 more to increase its range up to 85 miles.

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Heybike’s Hauler e-bike sports a nice 440-pound payload capacity and even comes with foldable running boards if you end up hauling a passenger along too. And for the price right now, it also offers some solid stock features, like the hydraulic front suspension fork, front and rear hydraulic disc brakes, puncture-protected tires with fenders over each, a 7-speed Shimano derailleur, an LED headlight with an auto-on feature, an integrated taillight with braking functionality, a kickstand, the obvious rear cargo rack, and an LCD for your real-time data and setting controls.

Heybike’s other Mother’s Day Sale offers:

  • Mars 2.0 Folding Fat-Tire e-bike: $999 (Reg. $1,499)
    • 28 MPH for up to 45 miles
    • 1,000W motor (32 MPH speed) costs $100 more
    • comes with free front basket and large basket
  • Ranger S Folding Fat-Tire e-bike: $1,099 (Reg. $1,499)
    • 28 MPH for up to 55 miles
    • 1,000W motor (32 MPH speed) costs $200 more
    • comes with free front basket and large basket
  • Cityrun Urban Commuter e-bike: $1,099 (Reg. $1,599)
    • 21 MPH for up to 55 miles
    • comes with free front basket and large basket
  • Tyson Uni-Body e-bike: $1,399 (Reg. $1,699)
    • 28 MPH for up to 55 miles
    • comes with free large basket
  • Horizon Full-Suspension e-bike: $1,499 (Reg. $1,999)
    • 28 MPH for up to 55 miles
    • comes with free front basket and large basket
  • Brawn Off-Road e-bike: $1,499 (Reg. $1,799)
    • 28 MPH for up to 65 miles
    • comes with free large basket
  • ALPHA All-Terrain e-bike: $1,599 (Reg. $1,699)
    • 28 MPH for up to 60 miles
  • Hero Carbon-Fiber All-Terrain e-bike: $2,499 (Reg. $2,599)
    • 35 MPH for up to 60 miles
    • comes with free large basket
EcoFlow RIVER 2 Pro Portable Power Station

EcoFlow launches multi-day flash offers on DELTA and RIVER power stations + EcoCredits purchase from $1

As we approach the end of EcoFlow’s ongoing Mega Sale through April 25, the brand has launched its last and longest flash sale offers, taking up to 48% off three units while also offering a major EcoCredits purchase opportunity. Alongside the return of the DELTA Pro 3 bundle we saw on Friday, you can now grab the RIVER 2 Pro Portable Power Station for $349 shipped. Normally fetching $599 outside of discounts, we first saw it come down to this rate during similar flash offers in the first phase of this sale. It’s returning as a second-chance opportunity for $250 in savings, giving you a solid traveling companion at the best rate we have tracked. It’s also beating out the pricing we’re seeing from Amazon by $10.

A more ample backup solution among the brand’s RIVER series, the RIVER 2 Pro is ideal for short-term needs at campsites, on road trips, and the like, providing you with a 768Wh LiFePO4 capacity to cover your essential devices and appliances. Through its eight output ports it can deliver up to 1,600W of power, with X-boost tech allowing it to “run 80% of home appliances.” It’s a great option for those who often make last-minute plans too, as plugging it into a wall outlet regains the battery in about 70 minutes, with it also having the options for USB-C and car port recharging, as well as a max 220W solar input, which can put it back at full in 3.5 hours to 4.5 hours in sunny conditions.

EcoFlow’s other flash sale offers ending April 25:

EcoFlow’s massive lineup of Mega Sale deals will only be lasting through April 25, complete with larger EcoCredit rewards, extra savings, and plenty of low prices – don’t miss it while it’s still around!

Aiper Surfer S2 Solar Pool Skimmer

Keep floating debris out of your pool with Aiper’s Surfer S2 solar skimmer back at its $320 low

Through its official Amazon storefront, Aiper is offering its latest Surfer S2 Solar Pool Skimmer for $319.98 shipped. Only on the market for a few months now, it usually carries a $540 price tag, which we first saw drop to this same rate at the top of February, which repeated last month in Amazon’s Big Spring Sale, and has otherwise kept between $340 and $400. You can pick one up while the $220 in savings last for your pool at the lowest price we have tracked, with the price also matching direct from Aiper’s website.

Building upon the success of its predecessor, Aiper’s second-generation Surfer S2 pool skimmer has been upgraded with features like the DebrisGuard anti-leak design, an improved brushless motor, an expanded suction inlet, and a 150-micron filtration system – all to provide better performance when collecting small and large debris alike from your pool’s surface. It’s also been given a larger battery that ramps up its runtime to 35 hours, with recharging available through the onboard solar panel for sunny days or its DC adapter as a backup option.

Working alongside the brand’s algorithms, it’s been equipped with dual dToF sensors to improve its obstacle avoidance – plus, there are even four retractable anti-standing columns to keep it from getting stuck on pool steps as it works. Should the columns fail to impede any such situations, the programming here knows to use its automatic self-rescue capabilities to get it back into the water to continue on its routines. There are the usual smart controls through the companion app that you’d expect, allowing you to monitor and adjust settings with the added bonus of being able to manually steer it.

Be sure to also check out the ongoing discounts across Aiper’s robotic pool cleaners that work right alongside the above pool skimmer to keep your pool clear and swim-ready, as well as the first discount we’re seeing on the new HydroComm 24/7 Smart Pool Monitor that provides 5-in-1 testing for your pool’s pH, ORP, EC, TDS, and temperature, as well as coming solar-powered.

Greenworks 40V 12-inch Cordless Electric Chainsaw

Expand your arsenal with this 2nd-gen Greenworks 40V 12-inch cordless chainsaw at $128

Amazon is offering the 2nd generation Greenworks 40V 12-inch Cordless Compact Chainsaw for $127.99 shipped. Coming down from its usual $170 price tag, discounts have been repeating to this same rate throughout the months since July of last year, with things before then only having gone as low as $120. Today’s deal is a 25% markdown off the going rate, saving you $42 while equipping your arsenal with the latest of the brand’s 12-inch compact chainsaws.

Coming in a more compact form, this 40V Greenworks chainsaw makes a reliable companion for firewood needs at home or while camping, as well as storm cleanup with hurricane season on the horizon. Powered by the included 2.0Ah battery, it sports a 12-inch bar and chain with an auto-oiler to ensure everything remains lubricated and running smoothly, delivering up to 50 cuts on a single charge. It weighs in at just six pounds, making it easy to operate for most users, complete with a safety lock and push-button start to save you time and energy over the frustrations caused by pull-strings.

Other notable Greenworks chainsaw deals:

Best Spring EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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