Dec. 22—Form Energy, Inc. will partner with the State of West Virginia to build its first iron-air battery manufacturing facility on 55 acres of property in the northern panhandle of West Virginia, along the Ohio River, in the city of Weirton.

The new battery manufacturing plant is expected to create a minimum of 750 new full-time jobs and will represent a total investment of up to $760 million.

West Virginia has structured a unique financial incentive package worth up to $290 million in asset-based, performance financing to support the company's decision to locate in Weirton.

The West Virginia Economic Development Authority allocated $75 million toward the purchase of land and the construction of buildings in Weirton on Thursday.

Gov. Jim Justice said he is working with the West Virginia Legislature and federal partners to obtain an additional $215 million needed to finalize the agreement.

Form Energy is an American energy storage technology and manufacturing company that is developing and commercializing an iron-air battery capable of storing electricity for 100 hours at system costs competitive with legacy power plants.

The company's pioneering multi-day battery will reshape the electric system to reliably run on 100 percent low-cost renewable energy, every day of the year.

Form Energy expects to start construction of its Weirton factory in 2023 and begin manufacturing iron-air battery systems in 2024 for broad commercialization.