Press Release

Form Energy, Georgia Power Continue Forward With 15-MW Iron-Air Battery System Agreement

Boston, MA – June 12, 2023 – Form Energy Inc. announced today that it is continuing under a definitive agreement with Georgia Power, the largest electric subsidiary of Southern Company (NYSE: SO), to deploy a 15 megawatt /1500 megawatt-hour iron-air battery system in Georgia, as part of the utility’s plan to integrate additional cost-effective clean energy into its system while maintaining grid reliability and resiliency. The battery system is expected to come online as early as 2026 and is subject to regulatory approvals.

“As we continue to build Georgia’s clean energy future, battery storage systems play a vital role in how we will continue to serve our customers with clean, reliable energy for decades to come. That’s why partnerships with innovators like Form Energy are so important to our long-term strategy,” said Kim Greene, Georgia Power Chairman, President and CEO. “Our customers, including many business and commercial accounts, are increasingly interested in the use of new technologies such as multi-day energy storage to help grow renewable energy and enhance reliability, especially as they relocate or grow their operations in Georgia. Form Energy’s technology is cutting edge and we’re excited to continue to work with them to serve our customers.”

Integrating battery energy storage systems into the power grid requires extensive planning and analysis. Form Energy and Georgia Power continue to collaborate to fully evaluate and demonstrate that the 100-hour iron-air battery technology will strengthen Georgia’s electric grid against normal day-to-day, week-to-week, and season-to-season weather variability, in addition to extreme weather events. This analysis includes modeling by Georgia Power, as well as input from Formware™, Form Energy’s next-generation investment and operational modeling tool for power grids.

Mateo Jaramillo, CEO and Co-founder of Form Energy, added, “We have a long-standing relationship with Southern Company and Georgia Power, who continue to provide transformational leadership that will usher in an era of products to cost effectively provide safe, reliable energy to their customers. We are pleased to strengthen our relationship through this partnership with Georgia Power and look forward to delivering an innovative multi-day energy storage system that will provide grid reliability and resiliency in their service territory for years to come.”

Georgia Power provides electricity to 2.7 million customers in all but four of Georgia’s 159 counties. The company is committed to delivering clean, safe, reliable and affordable energy for every customer, and works with the Georgia Public Service Commission (PSC) to ensure it can meet Georgia’s future energy needs. In 2022, the Georgia PSC approved the company’s long-term energy plan, the Integrated Resource Plan (IRP), which included Georgia Power’s largest single battery energy storage system (BESS) project to date – the 265 MW lithium-ion McGrau Ford Battery facility located in Cherokee County, as well as an additional 500 MW of battery storage. Other Georgia Power BESS projects underway include a 65 MW project in Talbot County (Mossy Branch) and a 13 MW project with the US Army at Fort Stewart near Savannah.