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Form Energy Secures $750M Series G Funding to Expand 100-Hour Iron-Air Battery Manufacturing

Battery startup Form Energy has secured $750 million in new funding to expand its manufacturing facility in West Virginia. The capital injection comes as growing demand for electricity from artificial intelligence data centers accelerates investment into long-duration energy storage solutions for the power grid.

What Happened

Form Energy announced a $750 million Series G financing round led by T. Rowe Price. The funding round also drew participation from a wide group of investors, including Sequoia Capital, Janus Henderson, Franklin Templeton, PEAK6 Investments, 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.

The company produces iron-air batteries capable of discharging electricity for up to 100 hours, significantly longer than standard storage systems that operate for only a few hours. The new funds are earmarked to scale up the company’s production infrastructure in West Virginia.

Key Highlights

  • Significant Funding Round: Form Energy raised $750 million in Series G capital led by T. Rowe Price.
  • Proprietary Technology: The company utilizes an iron-air chemical process that converts iron to rust during discharge and reverses rust back to iron during recharge, avoiding costly minerals like cobalt, lithium, and nickel.
  • Surging Commercial Backlog: The company holds a backlog of commercial projects totaling approximately 80 gigawatt-hours, representing a fourfold rise from earlier this year.
  • Major Customer Commitments: Tech giant Google is deploying a 30-gigawatt-hour Form battery valued at roughly $1 billion for a Minnesota data center, while Crusoe has committed to purchasing 12 gigawatt-hours. Utility Xcel Energy and FuturEnergy Ireland are also customers.
  • Non-China Supply Chain: Around 80% of Form Energy’s raw materials originate in the United States, with the remainder sourced from Europe and Asia, entirely avoiding Chinese suppliers.

Why This Matters

Electricity consumption in the United States is growing for the first time in decades, driven significantly by the expansion of data centers. Data center power use is projected to quadruple by 2035, at which point these facilities could account for approximately 20% of total U.S. electricity generation.

At the same time, renewable energy is projected to make up over 90% of new U.S. generating capacity this year. Because renewable output fluctuates, long-duration systems like Form Energy’s 100-hour batteries provide a method to bridge power supply gaps. Furthermore, the company’s domestic supply chain aligns with efforts across both the Biden and Trump administrations to reduce reliance on China, which currently leads global battery supply chains and manufacturing.

What to Watch Next

Form Energy will deploy the capital to expand manufacturing operations at its West Virginia facility to deliver on its 80-gigawatt-hour project pipeline. Key project implementations to follow include the installation of the 30-gigawatt-hour system for Google’s data center in Minnesota and contracted deliveries for Crusoe, Xcel Energy, and FuturEnergy Ireland.

Frequently Asked Questions

How does Form Energy’s battery chemistry work?

Form Energy’s system uses an iron-air mechanism. The battery oxidizes iron into rust as it discharges power, and reduces rust back into iron during charging, allowing low-cost, multi-day electricity storage without relying on lithium, cobalt, or nickel.

How long can Form Energy’s batteries supply power?

Form Energy’s iron-air batteries can deliver continuous power for up to 100 hours, compared to most installed grid batteries that discharge for only a few hours.

Where does Form Energy manufacture its systems and source materials?

The company manufactures in West Virginia. Approximately 80% of its materials come from the United States, with the rest coming from Europe and Asia.

Source: Form Energy announcement, techcrunch.com