Form Energy raises $750m Series G for iron-air battery manufacturing
T. Rowe Price Investment Management led the round, which brings total equity funding above $2bn.
Form Energy raised $750 million in Series G financing led by T. Rowe Price Investment Management. New investors include Sequoia Capital, Janus Henderson, Franklin Templeton and PEAK6. Returning backers include Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn’s Technology Impact Funds and Breakthrough Energy Ventures.
The funding will scale iron-air battery manufacturing and accelerate commercial grid-storage deployments. The company says the round brings total equity raised above $2 billion.
Manufacturing expansion in Weirton, West Virginia, will support a backlog that increased from about 20 to 80 gigawatt-hours. New agreements include projects with Xcel Energy and Google, Crusoe and FuturEnergy Ireland.
Use of funds
Scale manufacturing in Weirton, West Virginia, and advance commercial iron-air battery deployments.