Form Energy, a US-based technology business focused on multi-day energy storage systems, has raised $750m in a Series G financing round led by T. Rowe Price.
This funding brings the company’s total equity raised to over $2bn.
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Several new investors in the Series G included Sequoia Capital, Franklin Templeton, Janus Henderson and PEAK6 Investments.
The company also received continuing backing from existing stakeholders such as Prelude Ventures, TPG Rise Climate, Engine Ventures, Capricorn’s Technology Impact Funds, Dustin Moskovitz, Breakthrough Energy Ventures, Cari Tuna and Gigascale Capital.
Additional support came from Coatue, NGP, Energy Impact Partners, Blindspot Ventures, GE Vernova and M&G Catalyst Fund.
Morgan Stanley served as the sole and exclusive placement agent for this funding round.
Form Energy is working on the development and commercialisation of iron-air battery systems designed for multi-day energy storage.
It plans to use the Series G proceeds to ramp up manufacturing at its Weirton, West Virginia facility and to support the commercial deployment of its iron-air battery systems.
The company cited growing demand for multi-day energy storage as a key driver for this expansion.
Form Energy’s first commercial product is an iron-air battery system designed to store and discharge energy for up to 100 hours. Unlike lithium-ion batteries, which typically supply power for only a few hours, iron-air batteries can provide energy over several days, according to the company.
The system uses iron, water and air, aiming to offer a safe and cost-efficient option for grid energy storage.
The closing of the Series G financing follows several recent agreements for Form Energy’s battery systems.
Earlier this year, the company increased its backlog of iron-air battery projects from around 20GWh to 80GWh.
New agreements include projects involving Google and Xcel Energy, as well as Crusoe and FuturEnergy Ireland.
Reflecting operational growth, Form Energy has made changes to its executive team.
Navneet Govil has been appointed chief financial officer and will lead financial strategy, capital formation and investor relations.
Govil has over 30 years of experience in financial leadership. He previously held positions as executive managing partner, chief financial officer and member of the Investment Committee at SoftBank Investment Advisers. He was involved in managing finance and investment operations for the SoftBank Vision Funds’ global portfolio.
Wes Sloan has joined as chief operating officer. He brings over 25 years of experience in aerospace, automotive and energy sectors, including senior positions at Panasonic Energy North America and Rolls-Royce.
Form Energy indicated that these developments are part of a broader effort to meet rising electricity demand through the deployment of multi-day storage technologies.
