Form Energy

Private

Developing low-cost, multi-day energy storage using rechargeable iron-air batteries capable of delivering electricity for 100 hours at less than 1/10th the cost of lithium-ion. The batteries work by reversibly rusting and de-rusting iron using water and air. Manufacturing at Form Factory 1 in Weirton, West Virginia (550,000 sq ft). Signed $1B deal with Google for 300MW/30GWh system powering its Minnesota data center. Planning IPO in 2027.

Founders Mateo Jaramillo, Ted Wiley, Billy Woodford, Yet-Ming Chiang
CEO Mateo Jaramillo

Company

Headquarters
Somerville, US

Financials

Total Funding
$1.2B
Last Valuation
$3.5B
Sectors
Climate Tech Hardware
formenergy.com Twitter

Funding History

7 rounds
Series F Oct 9, 2024
$405M
Valuation: $3.5B
T. Rowe Price (Lead) GE Vernova TPG Rise Climate Breakthrough Energy Ventures Capricorn Investment Group Coatue Management Energy Impact Partners The Engine NGP Energy Technology Partners Temasek Holdings GIC Prelude Ventures Gigascale Capital
Series E Oct 4, 2022
$450M
TPG Rise Climate (Lead) GIC CPP Investments ArcelorMittal Breakthrough Energy Ventures Capricorn Investment Group Coatue Management Energy Impact Partners The Engine NGP Energy Technology Partners Temasek Holdings Prelude Ventures
Series D Aug 24, 2021
$240M
ArcelorMittal (Lead) TPG Rise Climate Coatue Management Temasek Holdings Energy Impact Partners Breakthrough Energy Ventures Prelude Ventures The Engine Capricorn Investment Group Eni Next Macquarie Capital NGP Energy Technology Partners
Series C Nov 30, 2020
$76M
Coatue Management (Lead) Energy Impact Partners NGP Energy Technology Partners Temasek Holdings Breakthrough Energy Ventures Prelude Ventures The Engine Capricorn Investment Group Eni Next Macquarie Capital
Series B Aug 23, 2019
$40M
Eni Next (Lead) Breakthrough Energy Ventures Prelude Ventures The Engine Macquarie Capital Capricorn Investment Group
Series A Jun 18, 2018
$9M
Breakthrough Energy Ventures (Lead) Prelude Ventures The Engine Macquarie Capital
Seed Aug 1, 2017
$2M
The Engine (Lead)

Funding data is compiled from multiple independent sources including company announcements, press coverage, and regulatory filings. While we strive for accuracy, amounts and dates may reflect reported figures at time of announcement.