From Energy, Weirton, WV-based technology company developing and commercializing a new class of multi-day energy storage systems, raised $405M in Series F funding.
The round was led by T. Rowe Price with participation from GE Vernova, along with existing investors TPG Rise Climate, Breakthrough Energy Ventures (BEV), Capricorn’s Technology Impact Funds, Coatue, Energy Impact Partners (EIP), MIT’s The Engine Ventures, NGP, Temasek, GIC, Prelude Ventures, Claure Group, Gigascale Capital, Blindspot Ventures, and VamosVentures.
The company intends to use the funds to expand operations and development efforts.
Led by CEO Mateo Jaramillo, Form Energy is an energy storage technology and manufacturing company that is developing and commercializing a iron-air battery capable of storing electricity for 100 hours at system costs competitive with legacy power plants.
In addition to participating in the Series F financing round, GE Vernova and Form Energy have signed a Memorandum of Understanding regarding areas of strategic collaboration to support Form Energy as it continues to ramp manufacturing operations and commercial deployments of its iron-air battery systems.
In May 2023, Form Energy opened on Form Factory 1, its first high-volume manufacturing facility in Weirton, West Virginia. A year later, the company completed the construction of the 550,000-square-foot facility, installed new manufacturing equipment, and initiated trial production of its breakthrough iron-air batteries. With over 900 employees, including 300 at Form Factory 1, the company plans to grow its team further as it ramps up high-volume production in the coming months. By 2028, Form Factory 1 is projected to have more than 1 million square-feet of manufacturing space, employ at least 750 people, and have an annual manufacturing capacity of 500 megawatts, at minimum.
FinSMEs
11/10/2024