Google paid startup Form Energy $1 billion for its massive 100-hour battery

Google announced earlier this week that it was Building a new data center in Minnesota It will be powered by a combination of wind, solar and a very unique battery created by the startup Energy form This is capable of discharging for several days in a row.

Now we know the cost of this feat of electrochemical engineering: about $1 billion, According to To the information.

Form Energy’s massive iron-air battery is capable of providing a continuous 300 megawatts of electricity over 100 hours. It works via respiration, meaning the oxygen pumped into the cells rusts the iron, which releases electrons. The battery will facilitate the flow of electrons from 1.4 gigawatts of wind power and 200 megawatts of solar power.

The startup has been developing this technology for years, and has built a factory in West Virginia to produce the batteries. But it didn’t land a major client until this recent deal with Google.

With huge demand on the books, Form Energy CEO Mateo Jaramillo said his company is in the process of raising a $500 million round. The model has raised $1.4 billion so far, according to PitchBook. The company plans to go public next year.