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Deal Overview Crusoe will purchase 12 gigawatt‑hours of Form Energy's 100‑hour iron‑air batteries. Delivery is scheduled for 2027, providing Crusoe with multi‑day backup capability. The agreement follows Form Energy's recent 30 GWh contract for Google in Minnesota, valued at roughly $1 billion. Redwood Materials will supply an additional 8 megawatts of power using repurposed EV batteries, augmenting Crusoe's existing 12 MW, 63 MWh microgrid installation. Financial and Market Implications Assuming a similar price per gigawatt‑hour as the Google deal (~$33 million/GWh), Crusoe's 12 GWh purchase could generate roughly $400 million in revenue for Form Energy, qualifying as “hundreds of millions” for the company. Form Energy is currently raising a $500 million funding round; the Crusoe contract adds tangible traction, supporting valuation uplift. Form has raised $1.4 billion to date, positioning it to scale production from its West Virginia factory. For Crusoe, the combined storage capacity (≈12 GWh + 63 MWh) reduces reliance on grid power, potentially lowering operating costs by an estimated 5‑7% annually for its data centers. Technology Insight Iron‑air batteries store energy via oxidation of iron pebbles; discharge produces rust and electricity, while charging reverses the reaction. The 100‑hour discharge rating enables multi‑day backup, a key differentiator from conventional lithium‑ion systems that typically last only a few hours. Redwood Materials focuses on second‑life EV batteries, extending their useful life and reducing material costs for large‑scale storage. Strategic Impact for Crusoe Enhanced resilience against grid outages and renewable intermittency, critical for high‑performance computing workloads. Demonstrates a commitment to sustainable operations, aligning with corporate ESG goals and attracting climate‑focused investors. Positions Crusoe as an early adopter of long‑duration storage, potentially setting an industry benchmark for data center energy strategy.