Form Energy and Crusoe Announce Agreement for 12 Gigawatt-Hours of Iron-Air Batteries for AI Data Centers

‍Houston, TX - March 24, 2026 - Form Energy, an American energy storage company, and Crusoe, the AI factory companyindustry's first vertically integrated AI infrastructure provider, today announced a strategic capacity agreement to deliver 12 gigawatt-hours of multi-day energy storage systems to support the rapidly growing power needs of AI data centers starting in 2027. The announcement was made at CERAWeek 2026 in Houston, Texas, widely regarded as the energy capital of the world.

Under the agreement, Crusoe has secured reserved volume, pricing, and delivery terms, ensuring access to Form Energy's iron-air battery technology as it scales its AI infrastructure.

This agreement reflects Crusoe's Bring Your Own Capacity (BYOC) approach to AI infrastructure, where power is developed and secured alongside compute to accelerate deployment and reduce reliance on constrained grid capacity. This scalable model supports utility growth, insulates ratepayers from cost increases, and strengthens grid reliability. Aligned with the Administration's call to "build, bring, or buy" power, this structure highlights a new, energy-first model for delivering AI infrastructure at speed.

Together, Form Energy and Crusoe are accelerating speed to power, strengthening domestic manufacturing, and scaling American innovation to meet rising electricity demand, positioning the United States to lead in the critical AI-energy nexus. All battery systems will be manufactured at Form Energy's Form Factory 1 in Weirton, West Virginia, supporting American jobs and reinforcing U.S. leadership in advanced energy manufacturing.

"Powering the AI economy requires reliable, scalable, and cost-effective energy solutions," said Mateo Jaramillo, Co-founder and CEO of Form Energy. "This partnership with Crusoe, a market leader in energy-first AI infrastructure, demonstrates how multi-day energy storage can unlock new capacity for data centers while strengthening domestic manufacturing and delivering the firm, reliable power needed to support the next generation of AI infrastructure."

"The future of AI depends on access to abundant, reliable power delivered at speed," said Cully Cavness, Co-founder, President, and Chief Strategy Officer at Crusoe. "This agreement with Form Energy reinforces Crusoe's commitment to energy innovation and establishes a new model for securing energy infrastructure at scale, enabling us to meet growing demand while building a more resilient and sustainable system."

This announcement reflects accelerating commercial and manufacturing momentum as demand for reliable, large-scale power continues to grow. Form Energy has launched production at its first high-volume manufacturing facility in Weirton, West Virginia and commenced delivery of its first commercial pilot system in Minnesota, with the full project expected to come online in 2026. The company has over 65 GWh of commercial projects under agreement, including multiple large-scale deployments that rank among the largest energy storage projects by energy capacity announced globally, demonstrating the critical role of multi-day storage in enabling grid reliability and unlocking new capacity for energy-intensive industries. The agreement with Crusoe builds on this momentum, highlighting a new model for scaling firm, reliable power to support the next generation of AI infrastructure.

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About Form Energy:

Form Energy is an American company driving innovation in energy storage technology and manufacturing. Form Energy's multi-day energy storage solutions are designed to ensure a clean, secure, and reliable electric grid, even during prolonged periods of stress on the grid. Form Energy's first commercial product is an iron-air battery system that can cost-effectively store and discharge energy for up to 100 hours. Made from some of the safest, most affordable, and most abundant materials on the planet - low-cost iron, water, and air - Form's battery system is a sustainable, safe, and scalable answer to the world's growing need for grid security and resiliency.

About Crusoe:

As the AI factory company, Crusoe is on a mission to accelerate the abundance of energy and intelligence. The company provides a reliable, scalable, cost-effective, and environmentally friendly solution for AI infrastructure. By harnessing large-scale clean energy, building AI-optimized data centers, and delivering an AI cloud platform, Crusoe empowers its customers to build the future faster.