Energy technology and manufacturing company Form Energy announced that it has raised $750 million in a Series G funding round, with proceeds aimed at scaling the company’s production and deployment capacity for its 100-hour iron-air battery systems.
Founded in 2017, Somerville, Massachusetts-based Form Energy develops and manufactures iron-air batteries designed to provide multi-day energy storage for the electric grid. The company’s battery can store electricity for up to 100 hours, enabling greater use of renewable energy by making stored power available during extended periods of low wind and solar generation and other periods of grid stress, including extreme weather events, according to the company.
The new investment follows a $405 million Series F funding round completed by the company in October 2024. The new round brings Form Energy’s total equity raised to date to over $2 billion.
The financing round comes on the heels of new commercial agreements with Xcel Energy and Google, Crusoe, and FuturEnergy Ireland, which underscore the growing role of multi-day energy storage in supporting rising electricity demand, the company said.
Form Energy said that the new capital will be used to accelerate the company’s manufacturing scale-up in Weirton, West Virginia, and advance commercial deployments of its iron-air battery systems to meet growing demand for reliable, affordable multi-day energy storage.
The funding round was led by T. Rowe Price, which also led the company’s prior Series F round, and included participation from existing investors including Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn’s Technology Impact Funds, Breakthrough Energy Ventures, Dustin Moskovitz and Cari Tuna, Gigascale Capital, Coatue, Energy Impact Partners, NGP, GE Vernova, Blindspot Ventures, and M&G Catalyst Fund, as well as new investors including Sequoia Capital, Janus Henderson, Franklin Templeton, and PEAK6 Investments.
