For the first time, a team of Researchers led by Ramaprabhu Sundara at Indian Institute of Technology(IIT) Madras has fabricated a rechargeable iron ion battery designed using mild steel as the anode. The rechargeable iron ion battery is cost-effective and it will store a high amount of energy in the battery & also displayed good stability with 54% capacity retention at the end of 50 cycles. Vanadium pentoxide is used as the cathode in Iron ion battery & it was chosen as it has a layered structure with very large spacing between the layers. Lithium ions are the charge carriers in lithium-ion battery, the Fe2+ ions perform that function in the case of iron ion battery. This is a significant achievement because lithium-ion batteries are widely in use as of now. But, the lithium reserves are limited when compared to iron reserves.