INSIDER Q&A: LITHIUM BATTERIES HAVE A 4-HOUR LIMIT. MATEO JARAMILLO HOPES TO SOLVE THAT

Wind and solar power are sometimes dinged for not producing electricity 24 hours a day, but one of the most abundant minerals on the planet, iron, could be key to changing that.

Form Energy, founded in 2017, recently broke ground in West Virginia on its first commercial-scale factory to make iron-air batteries — totally different from lithium ion. The company’s goal is to one day help supply the electrical grid across the United States with renewable energy 24 hours a day and slash the need for burning coal and natural gas, polluting energy sources we currently rely on.

CEO Mateo Jaramillo spoke about progress toward achieving this vision. The interview has been edited for clarity and length.

Q: WHY DO YOU CONSIDER BATTERIES A CLIMATE SOLUTION?

A: When I left divinity school in 2004 I made a sector bet and figured at some point, society will want effective energy storage. I grew up in Salinas, California, which is an agricultural town, and my parents worked for the farmer community. I’ve seen how many enjoy the benefits of traditional energy, but only some communities carry the burdens. I was compelled to figure a way to make a difference and felt that innovation was needed.

Q: LITHIUM ION BATTERIES HAVE SOME LIMITATIONS AND CAN ONLY PUMP OUT POWER FOR FOUR HOURS MAX. WHY ARE IRON-AIR BATTERIES A GOOD CHOICE?

A: Lithium ion is an established, accepted technology being deployed at great volumes. But there isn’t a clear alternative on the market yet. We’re doing something different, storing energy for 100 hours at dramatically lower costs, to solve a multi-day storage problem as opposed to single-digit hours. Multi-day storage does not crowd out something like lithium ion, they complement each other very nicely. We see this over and over and over again in the modeling we do: Our lowest cost, most reliable, most decarbonized system has multiple types of energy storage.