Stealthy battery company backed by Bill Gates, Jeff Bezos has a lot to prove

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An artist rendering of Form Energy's battery system.Rendering courtesy Form EnergyA secretive start-up called Form Energy says it's developing and scaling the production of a new type of rechargeable battery that can store electricity for 100 hours.Form hasn't publicly demonstrated its technology or shared proof that it works. Nonetheless, the company has lined up more than $360 million in funding, including a new $240 million round that closed Tuesday, and partners and outside experts are optimistic about its potential.Form Energy's core technology is based on three cheap and readily available materials: Iron, air, and water. The battery works with a process the company calls "reversible rusting," in which the battery charges and discharges by converting iron back and forth into rust. By using these inexpensive materials, the company aims to have its batteries cost less than $20 per kilowatt-hour, which experts say is up to one-tenth the cost of the more common lithium-ion ba
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