Form Energy plans to build an iron-air battery manufacturing plant in West Virginia. Mateo Jaramillo, Co-founder and CEO of Form Energy, claims that the company compared 500 potential sites across 16 states before settling on Weirton. These iron-air batteries are said to store electricity for 100 hours at system costs on par with traditional power plants. According to Governor Jim Justice, the $760 million project is expected to generate 750 new jobs.
In a recent quote, Governor Jim Justice said, "We structured a unique financial incentive package worth up to $290 million in asset-based, performance financing to support their decision to locate in Weirton. The funds put toward this project are guaranteed, secured, and collateralized through ownership of all land and buildings by the state. The West Virginia Economic Development Authority allocated $75 million toward the purchase of land and the construction of buildings in Weirton this morning. I plan on working with the West Virginia Legislature and our federal partners to obtain an additional $215 million needed to finalize our agreement. Resiliency and reliability of power resources for America will be produced in West Virginia, once again, allowing Weirton to be a national leader of this growing industry."