Long-Duration Iron-Air Battery Developer Form Energy Raises $750 Million to Scale Production
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Funding Overview
Form Energy, a developer of long-duration energy storage systems, has secured $750 million in funding to significantly expand its production capacity for 100-hour sustainable batteries designed for power grid applications.
About Form Energy
Form Energy is a cleantech company specializing in long-duration energy storage technology aimed at maximizing the efficiency of renewable energy. Their proprietary iron-air battery technology offers a cost-effective alternative to traditional lithium-ion batteries, enabling extended energy storage durations that are essential for stabilizing the power grid.
Purpose of Funding and Future Outlook
The newly raised capital will primarily be allocated toward the construction of a manufacturing facility in West Virginia and the scaling of their 100-hour battery mass production systems. By leveraging economies of scale, the company aims to accelerate the delivery of affordable energy storage solutions, addressing the intermittency challenges associated with the growing integration of renewable energy.
Key Investors
This investment round included participation from GE Vernova, Climate Investment, T. Rowe Price, CPP Investments, Braemer Energy Ventures, and Temasek, among others.