What is Form Energy?
Form Energy is an American company dedicated to revolutionizing the electric grid through cost-effective, multi-day energy storage. Their core innovation is an iron-air battery capable of storing energy for up to 100 hours, a critical development for ensuring a clean and reliable power supply. The company is actively scaling its operations, evidenced by its high-volume battery manufacturing facility in Weirton, West Virginia, which employs nearly 400 individuals. Form Energy's mission is to attract mission-driven talent to build 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 BEV, MIT’s Engine Fund, and Prelude Ventures
Series A (2018): $9M led by The Engine
Series B (2019): $40M supported by Eni Next LLC, The Engine, Macquarie Capital, Prelude Ventures, Breakthrough Energy Ventures, and Capricorn Investment Group
Series C (2020): $70M, investors not publicly disclosed
Series D (2021): $240M backed by Coatue, ArcelorMittal, Perry Creek Capital, Temasek, and NGP Energy Technology Partners
Series E (2022): $450M with participation from CPP Investments, TPG, GIC, and ArcelorMittal
Series F (2024): $405M led by T. Rowe Price, TPG Rise Climate, GE Vernova, and Breakthrough Energy Ventures
Key Investors in Form Energy
T. Rowe Price
T. Rowe Price is a global investment management firm founded in 1937, providing services to a wide range of investors and managing equity and fixed income funds globally.
GE Vernova
GE Vernova is a global leader in the electric power industry, offering technologies for electricity generation, transfer, orchestration, conversion, and storage to promote a sustainable power system.
Breakthrough Energy Ventures
Breakthrough Energy Ventures (BEV) invests in cutting-edge companies aimed at achieving net-zero emissions, supporting entrepreneurs with patient, risk-tolerant capital to bring transformative clean energy innovations to market.
What's next for Form Energy?
With the infusion of major enterprise-level funding and a recent strategic investment, Form Energy is poised for significant expansion. The company's focus on developing and manufacturing its proprietary iron-air battery technology positions it as a key contributor to grid modernization and decarbonization efforts. Future growth will likely involve scaling production capacity, further refining battery performance, and forging strategic partnerships to accelerate the deployment of its storage solutions across the energy sector. This capital injection will be instrumental in solidifying its market position and achieving its ambitious goals for a sustainable energy future.
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