What is Form Energy?
Form Energy is an American company dedicated to innovating energy technology and manufacturing. Their core offering is a cost-effective, multi-day energy storage solution, primarily featuring an iron-air battery designed to store energy for up to 100 hours. This technology aims to address the critical challenges of grid reliability and rising energy demand. The company operates a large-scale battery manufacturing facility in Weirton, West Virginia, contributing to domestic manufacturing and job creation. Form Energy is actively seeking mission-driven talent to further its goal of developing sustainable energy storage systems.
How much funding has Form Energy raised?
Form Energy has raised a total of $1.2B across 7 funding rounds:
Unspecified
$11M
Series A
$9M
Series B
$40M
Series C
$70M
Series D
$240M
Series E
$450M
Series F
$405M
Unspecified (2018): $11M with participation from MIT’s Engine Fund, BEV, and Prelude Ventures
Series A (2018): $9M led by The Engine
Series B (2019): $40M supported by Macquarie Capital, The Engine, Eni Next LLC, Breakthrough Energy Ventures, Capricorn Investment Group, and Prelude Ventures
Series C (2020): $70M, investors not publicly disclosed
Series D (2021): $240M backed by Temasek, NGP Energy Technology Partners, Perry Creek Capital, Coatue, and ArcelorMittal
Series E (2022): $450M with participation from TPG, ArcelorMittal, GIC, and CPP Investments
Series F (2024): $405M led by GE Vernova, Breakthrough Energy Ventures, TPG Rise Climate, and T. Rowe Price
Key Investors in Form Energy
Form Energy
GE Vernova is a global leader in the electric power industry, providing technologies for electricity generation, transfer, orchestration, conversion, and storage, aiming for a more reliable and sustainable power system.
Form Energy
Breakthrough Energy Ventures is a prominent investment firm backed by global business leaders, focused on funding cutting-edge companies that drive the world towards net-zero emissions across various sectors.
Form Energy
TPG is a global investment firm specializing in alternative assets, supporting business growth through private equity, credit, real estate, and impact investing, with a focus on identifying opportunities and building long-term value.
What's next for Form Energy?
With the infusion of $405M in its latest funding round, Form Energy is strategically positioned to accelerate the scaling of its iron-air battery technology and manufacturing capabilities. The company's focus on providing long-duration energy storage solutions is critical for grid modernization and the transition to renewable energy sources. Future investments will likely target expanding production capacity, further research and development for battery efficiency and cost reduction, and solidifying strategic partnerships to deploy its technology across the grid. The significant backing from major players in finance and energy indicates a strong market appetite for solutions that can ensure grid stability with increasing renewable penetration.
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