$760M investment will create 750 full-time jobs in Northern Panhandle

Dec. 23—CHARLESTON — Gov. Jim Justice announced that Form Energy, based in Massachusetts, will build its first commercial scale iron-air battery manufacturing facility in Weirton, West Virginia.

The facility, which will be located at the old Weirton Steel Plant, will create a minimum of 750 new full-time jobs and represent an investment of up to $760 million.

"Weirton is long overdue for some incredible news," Gov. Justice said in a press release. "At one point, Weirton was one of America's most important steel towns — a national leader in steel production. Now, this historic city is looking toward the future, and it's very bright with Form Energy opening its doors. We structured a unique financial incentive package worth up to $290 million in asset-based, performance financing to support their decision to locate in Weirton."

Justice said it's important to never forget what coal and gas workers have done for West Virginia, but the state can diversify the types of energy it specializes in.

"We want goodness across the board. We want West Virginia to be known forevermore as that energy state that always figured it out," Justice said.

Form Energy Co-founder and CEO Mateo Jaramillo said that the batteries, which are made in a non-carbonized plant, were developed to solve a solution to multi-day energy storage.

"The active components of our iron our battery system are some of the safest, cheapest and most abundant materials on the planet — low cost iron, water and air. Yes, we are reversibly rusting iron in our battery. In fact, every material in our battery is readily available here in the U.S. as well as at the global scale and has high recyclability at the end of the year," Jaramillo said.

Jaramillo said Form Energy looked nationwide for a year and had over 500 candidate locations in 16 states, but they knew the location in Weirton would be perfect.

"It became abundantly clear that Weirton, West Virginia — a historic steel community that sits on a river and has the rich heritage and know-how to make great things out of iron — is the ideal location for our first commercial battery production factory," Jaramillo said.

Everyone shared words of excitement for the project, but Sen. Ryan Weld, R-Brooke County, was especially excited, as a representative and someone who grew up in downtown Weirton.

"Christmas has come early to Weirton. ... All of my grandfathers worked in Weirton Steel, an announcement like today is something that is very personal to me. ... I think about the 14,000 employees that Weirton Steel once had. I think about the shops and the stores that were in downtown Weirton.

"I don't mean to talk about that and say what Weirton was, but I point to that, because that is the foundation that still exists — those people who made Weirton what it was, that ethos, that work ethic is still in Weirton and that is the foundation Form Energy is going to be built on. This venture will be successful," Weld said.

Weld said he is excited to see the new future of Weirton.

"The city of Weirton, this is an enormous, enormous day of a path to rebuilding the downtown, on a path to being the crown jewel of manufacturing in the state of West Virginia. That path starts today," Weld said.

Jaramillo said he is looking forward to the work ahead.

"We look forward to working with Weirton community leaders in the coming months to determine how we can best support the needs of local residents in the area through lasting community partnership and engagement," Jaramillo said.

Justice agreed.

"It's an incredible moment in West Virginia. ... Lets just keep it going. I mean, for crying out loud, this is our chance to preserve our legacies on and on. ... This is as good of an announcement that could ever be made," Justice said.

Reach me at sshriver@timeswv.com or 304-367-2549.