Form Energy, a long-duration energy storage system company, has raised $405 million in Series F funding to accelerate the transition to renewable energy, with support from key investors like GE Vernova for its innovative iron-air battery technology, a game-changer in long-duration energy storage.
This investment, led by T. Rowe Price and GE Vernova, will fuel the expansion of Form Energy’s cutting-edge iron-air battery systems, capable of storing renewable energy for up to 100 hours. This breakthrough could revolutionize how power grids integrate renewable energy, ensuring a stable electricity supply as we shift toward carbon-free energy sources.
Form Energy’s recent Series F funding round, bringing its total capital raised to over $1.2 billion, represents one of the largest investments in the cleantech sector this year. This substantial backing underscores the critical role of long-duration energy storage in the future of renewable energy.
With the rising demand for reliable energy storage solutions, Form Energy’s iron-air battery technology stands out for its ability to store wind and solar power for extended periods, up to 100 hours. Unlike traditional short-duration batteries, this breakthrough system provides a cost-effective way to store renewable energy for longer durations, making it an essential solution for the grid’s transition to clean energy.
Form Energy’s Iron-Air Battery: The Future of Energy Storage
At the heart of Form Energy’s innovation is the iron-air battery, which leverages the simple chemistry of iron rusting to store energy. This groundbreaking technology is designed to provide low-cost, multi-day energy storage that can power entire communities or utilities during periods of renewable energy fluctuation. With wind and solar energy becoming more prevalent, a reliable system to store power for days rather than hours addresses a critical gap in the energy market.
While Form Energy’s technology is still being tested on a utility-scale, the company is working on several commercial deployments. For example, it has already broken ground on a 1.5-megawatt project for Minnesota’s Great River Energy, designed to store energy for 100 hours.
Additionally, the company is developing a 15-megawatt/1,500-megawatt-hour system for Georgia Power and a 10-megawatt/1,000-megawatt-hour system for Xcel Energy, which aims to store solar power and replace coal energy. These projects highlight Form Energy’s growing traction in the commercial energy sector.
Investors and Strategic Collaborations Fuel Growth
Form Energy’s Series F funding round featured a strong lineup of cleantech investors, including Breakthrough Energy Ventures, Prelude Ventures, and Capricorn’s Technology Impact Funds. GE Vernova, a key partner in this round, signed a Memorandum of Understanding (MoU) with Form Energy to collaborate on manufacturing and commercial deployments of the iron-air battery system.
This strategic collaboration aims to scale production, bringing Form Energy closer to large-scale energy storage deployments worldwide.
Bill Gates’s Breakthrough Energy Ventures has been a prominent supporter of Form Energy, demonstrating high confidence in the company’s mission to revolutionize energy storage. In addition, the participation of utility-backed investment fund Energy Impact Partners signals a growing interest from the energy industry in long-duration storage solutions.
This latest infusion will go toward “accelerating the expansion of our multi-day battery manufacturing, creating new jobs, and upskilling a manufacturing workforce, as well as advancing the development of a more efficient and scalable process for low-cost green iron production,” Form Energy CEO and co-founder Mateo Jaramillo said.
DOE Support and Expansion in West Virginia
In May 2023, Form Energy won a $147 million award from the U.S. Department of Energy (DOE) to support its efforts to develop what could be the largest battery in the world in terms of megawatt-hour capacity. This project in Maine will integrate up to 85 megawatts of energy into the New England grid for up to 100 hours, further proving the capabilities of Form Energy’s iron-air technology.
Form Energy’s growth also extends to its manufacturing operations. The company’s first factory, located in Weirton, West Virginia, is set to produce 500 megawatts/50 gigawatt-hours of batteries annually by 2028. The factory, built on the former site of the state’s largest steel mill, already employs 300 workers and plans to grow to 750 employees. This facility will tap into existing supply chains within the iron and steel industries, positioning Form Energy to scale rapidly in the coming years.
Long-Duration Energy Storage: A Critical Component of a Clean Energy Future
Form Energy’s iron-air battery represents a transformative shift in how the world can store and use renewable energy. As the global demand for reliable, long-duration energy storage grows, Form Energy’s technology could become indispensable for power grids aiming for 100 percent clean energy.
“After seven years of dedicated R&D, product engineering, testing, and validation, and most recently trial production, our 100-hour iron-air battery system is ready for serial production and commercial deployment,” Mateo Jaramillo said.
The company’s success in securing $405 million in Series F funding and its partnerships with major industry players such as GE Vernova demonstrate its readiness to meet the challenges of energy storage head-on.
Form Energy’s latest funding and strategic collaborations solidify its position as a leader in long-duration energy storage. With large-scale projects underway and plans to scale manufacturing, Form Energy is poised to revolutionize how renewable energy is stored and utilized, paving the way for a more sustainable and resilient energy future.
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