Competition Is Heating Up In The US Energy Storage Space

The US energy storage sector is becoming increasingly competitive, highlighted by Tesla’s plans to produce its Megapack 3 utility-scale batteries in Texas and Massachusetts-based startup Form Energy’s recent advancements. Form Energy has launched a new iron-air battery factory in West Virginia and secured a landmark 300-megawatt, 100-hour energy storage contract with Xcel Energy and Google. Unlike traditional lithium-ion batteries, which typically provide 2-8 hours of energy storage and face cost, supply chain, and safety limitations, Form’s iron-air technology aims to deliver long-duration storage at significantly lower costs and enhanced safety, enabling reliable renewable energy supply over multiple days. Form Energy, founded in 2017, has attracted substantial private investment and government support, including up to $150 million from the US Department of Energy to establish its “Form Factory 1” and create around 600 jobs. The company’s technology has been recognized globally, becoming a finalist for the Earthshot Prize in 2025. However