Several high-ranking US officials have questioned whether energy storage even exists, or if it's too expensive. But the Earthshot Prize judges think otherwise. They have just named US iron-air battery startup Form Energy as one of 15 finalists for the global competition. Out of nearly 2,500 nominees, Form Energy stands out for its potential to dramatically reshape clean energy.
Despite skepticism, Earthshot's Founder Prince William believes the solutions to climate challenges already exist. In his words:
“The Earthshot Prize has shown that the answers to our planet’s greatest challenges not only already exist, but that they are firmly within our grasp.”
Form Energy’s finalist status, in the "Fix Our Climate" category, validates its work in the long-duration storage sector. Since the prize’s 2020 launch, only a handful of US companies have reached this stage.
Today’s lithium-ion batteries max out at around 4 hours of storage, good for peak demand but limited for broader grid use. Form Energy tackles this with a 100-hour battery that works via "reversible rusting" using iron.
Advantages include:
Since its founding in 2017, Form Energy has raised over $1.2 billion across major funding rounds:
Their upcoming project in Maine is being closely watched.
Form's battery passed UL9540A fire safety testing, which evaluates thermal runaway risk. Even under extreme failure scenarios like overcharging for seven days, the batteries stayed stable without fires or heat spikes.
This eliminates the need for costly fireproofing systems and supports easier approvals for urban use.
While no word yet from the White House, Form’s achievement is akin to a clean tech Oscar nod. Other US agencies (Energy, EPA, Interior) have acknowledged storage’s importance.
Alternatives to lithium-ion are catching up. According to BloombergNEF:
LDES (Long Duration Energy Storage) often scales more efficiently. As BNEF notes:
“The unit costs of most long-duration energy storage solutions typically drop with each hour of storage added.”
Despite ideological opposition from some officials, US energy storage is poised for growth. A report from Coherent Market Insights projects "incredible growth" between 2025 and 2032.
The story doesn’t end with storage. UK firm Oxford PV and Chinese giant Trinasolar have signed an exclusive patent deal to manufacture tandem perovskite-silicon solar cells in China. These offer better performance and lower cost than traditional silicon.
Oxford PV first gained attention in 2013 with a 15.4% perovskite efficiency and has now matured its tech. Its collaboration with Trinasolar unlocks access to China’s $50B solar market.
While the US missed out on manufacturing rights, Oxford PV has left the door open for licensing in other regions.
Recent scientific developments include:
Researchers are exploring using Moon dust to build perovskite solar cells in space. This could reduce launch mass by 99.4%, making long-term lunar settlements more viable. Early results show the Moon-based cells resist radiation better than Earth-made versions.
Form Energy’s Earthshot recognition and Oxford PV’s commercial breakthrough signal a new era. Long-duration storage and advanced solar cells are no longer futuristic concepts—they’re market-ready. From Maine to the Moon, the clean energy transition is accelerating.
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