House passes Form Energy bill as debate continues
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CHARLESTON - Debate over whether to leverage taxpayer dollars for a proposed battery manufacturing project in Weirton spilled over into a second day as the West Virginia House of Delegates passed the bill Friday.
The House passed House Bill 2882, making a supplemental appropriation to the Department of Economic Development, in a 69-25 vote Friday morning after more than two hours of debate, sending the bill to the state Senate.
HB 2882 transfers $115 million from available surplus tax dollars for the previous fiscal year to the department, with $10 million going toward broadband expansion projects and $105 million going to the Economic Development Project Fund.
The $105 million is part of an overall $300 million package the state is providing for a proposed proprietary iron-air battery manufacturing project by Massachusetts-based startup Form Energy on a 55-acre site on the former Weirton Steel property.
“Weirton is looking at this as the beginning of its redevelopment,” said Delegate Mark Zatezalo, R-Hancock. “I’ve talked to some of the Form Energy people. They are ready to start working … I’m excited for that. The people of Weirton are excited for that.”
The Economic Development Authority already approved a $75 million economic incentive package from the Economic Development Project Fund for the project in December, using that to purchase the property at Weirton Steel, with the property being used as collateral.
The state will retain ownership of the land and buildings as a backstop to guarantee the state’s investment, while Form Energy meets certain project requirements. The state will provide another $110 million to Form Energy once the project is complete.
According to Form Energy, its Weirton project will be a $760 million investment with the goal of creating as many as 750 jobs. Form is putting $350 million up front to get the project started. The company will manufacture its own proprietary batteries using iron-air technology for energy storage for solar and wind power projects.