Crusoe Secures Major Battery Purchases for Data Centers

Crusoe, a data center developer, is expanding its energy storage by acquiring batteries from Form Energy and Redwood Energy. The company plans to purchase 12 gigawatt-hours of Form Energy’s 100-hour batteries, marking Form’s second major sale following a recent deal with Google for a 30 gigawatt-hour battery in Minnesota, valued at about $1 billion. While Form hasn’t revealed the sale’s value, it aims to deliver Crusoe’s batteries by 2027. This smaller purchase by Crusoe is expected to generate hundreds of millions in revenue for Form, which is pursuing a $500 million funding round after raising $1.4 billion so far. Form’s iron-air batteries work by oxidizing iron pebbles to generate electricity and de-rusting them to recharge. The company expanded its West Virginia factory last year in anticipation of large contracts. Additionally, Crusoe is expanding its partnership with Redwood Materials, a battery recycling company. Crusoe, operating a microgrid since June with a 12 megawatt, 63 megawatt-hour battery, will receive 8 more megawatts from repurposed EV batteries provided by Redwood.